Property Market at Manama Bahrain
Property market in Bahrain is booming with conservative industry expectations that predict atleast three years of strong growth in property prices in the residential sector. Further pushing the success of the local Bahrain property market are a couple of strong and sustainable factors and now on realizing the potential of the Bahrain property market, leading Banks in Bahrain are seeking out viable entry points and Bahrain is making itself heard in the global market.
Bahrain property market has all the right factors in its favour for expansion in prices within a span of next three years. One major factor is that Bahrain continues to have an unbelievably affluent economy and remain a strong employer of overseas professionals who have the right to purchase freehold property in certain areas in Bahrain.
Even plain investment activity is quite strong in Bahrain and is being bolstered by the King Fahd Causeway that links Saudi Arabia and Bahrain, a common route for western expatriates working in Saudi, but prefer to live and enjoy a conservative lifestyle in Bahrain.
Bahrain is intensifying its concerted efforts for diversification of the economic dependence away from oil industry alone, and is likely to be the first Gulf state to have a free trade agreement in place with America, and to being the central hub in the Gulf for many multinationals carrying on business across the region.
One can conclude that Bahrain must have learnt a great deal from successes and failures of Dubai. Essentially it has been possible for foreign investors to purchase real estate in Bahrain since the year 2001 when a declaration was issued to this effect. This declaration was sanctioned during 2003 and foreign buyers are allowed to buy certain types of properties in specific destinations of Bahrain.
As for the procedure of property purchase in Bahrain, it proceeds in the same manner as in the rest of the world. Investors are advised to seek independent legal assistance throughout the entire process. The legal property ownership in Bahrain is sophisticated and well developed. The purchaser will be protected on obtaining the permission to purchase and once the deeds of ownership is transferred to the investor's name.