Property Finder - the leading online real estate platform in the Middle East and North Africa - said that the year 2022 has brought encouraging omens for what is to come in the Bahraini real estate market. She explained that while the stability of the price index in the market will take some time, it can be said with confidence that it continues to gather momentum with the continued increase in the number of transactions.
According to the Survey & Land Registration Bureau, real estate transactions value rose by 46% in 2021, to US$2.8 billion (1,046,162,080 BHD), compared to US$1.9 billion (717,436,872 BHD) in 2020.The total real estate transactions hit 26,136 in 2021, an increase of 35% compared to 19,405 transactions in 2020, which indicates a rejuvenation in the market. This falls in line with the recent announcement of the National Economic Recovery Plan, which aims to drive economic growth in Bahrain based on five main pillars, at a value of over US$30 billion across various sectors which includes infrastructure, industrial, housing, tourism, and healthcare.
Records indicate a high momentum in the market, with both transactions in the sale and rental market increasing across the kingdom. The sale market has been on an upward trajectory since 2020, and has continued to find demand from investors and first-time buyers, who are now more confident in investing in the market, as well as lowered prices.
In addition, there has also been rotation in the rental market, with tenants upgrading their homes, or shifting to newer units that have been recently handed over in the market.
With the announcement of the National Economic Recovery Plan, as well as heightened
regulations from The Real Estate Regulatory Authority to create a more transparent market, more and more demand is being witnessed in the market, in both the sale and rental segments. Data from www.propertyfinder.bh shows that the number of listings has recorded an increase across both the sale and rental markets in Bahrain when comparing July – December 2020 with July – December 2021. Listings for rental units in the Southern Governorate have almost doubled, and a 35 percent increase was recorded for the number of listings in the Capital Governorate in the same time frame.
As for sale listings, an increase of over 60 percent was recorded in the Muharraq,
Northern and Southern Governorates, as well as a 30 percent increase in the Capital Governorate. This solidifies that an increased number of units is being handed over in the kingdom, especially for the sale sector.
Prices for the sale market have found somewhat of a stable trend in H2 of 2021, when compared with H2 of 2020, with increases recorded for advertised media prices per sqm across Bahrain, with the Northern Governorate recording an 8 percent increase in that time frame. However, rental units have not found a stable pricing index, with only the Muharraq Governorate recording a price increase of 5 percent in that time frame.
While it may take a while for the market to find a stable pricing index, it is safe to say that it continues to gain traction, with the number of transactions continuing to increase.
Property Finder confirmed that although there are various factors that continue to affect the conditions of the local real estate market, so consequently, it is not surprising that there is still somewhat of an uncertainty when it comes to the future of the market. However, 2022 promises a positive outlook.
It is noteworthy that Property Finder publishes quarterly reports called "Bahraini Real Estate Market Trends Report" with the aim of educating real estate seekers about the real estate market situation so that they can make decisions backed by reliable information. It also aims to formulate solutions and provide deep insights about the market to all its stakeholders by utilizing the momentum of its digital data, and the huge data sets that it has.
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