Bahrain Real Estate News
Influx of expats brings Bahrain realty market back to life
With new expatriates moving into Bahrain over the past few months, the real estate market in Bahrain has been showing signs of recovery, leading international real estate specialist, Cluttons reported.
Cluttons reported that there is significant upturn noticed in the number of foreign workers arriving in Bahrain since January this year, particularly, into the oil and gas sector, thereby prompting the recovery of residential property market in Bahrain.
When reporting about the residential market in Bahrain, the Cluttons report indicated that private schools in Bahrain have again been reporting waiting lists for places, with international schools being on wait list again, which was not seen early last year.
Although the demand is not as strong as pre-2011, the rentals are remaining stable due to lack of fresh properties, and with several larger projects having been put on hold, the report said.
Several expatriates had left Bahrain during the anti-government protests last year, thereby reducing demand for housing and school places, thereby affecting the retail market.
Cluttons mentioned that there has been price stability reported in areas such as Saar, Jasra, Hamala, Janabiya and Amwaj Island, including well-maintained compounds with good amenities and security. In fact, companies are taking advantage of this situation, and are occupying multiple villas within compounds, thereby driving down prices further.
The report also mentioned that some apartments in even the most popular areas have experienced reduction of about 6.25percent, in comparison to 2010.
The real estate specialist also predicted that over the next six months, the performance of the market will be area-specific, and majority of areas will begin to experience flat to low rental growth.
Posted on 12/4/2012
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