MANAMA, Bahrain, 30 March 2021: The real estate market in the Kingdom of Bahrain is gaining pace despite the challenges faced by the pandemic, with a series of major projects and initiatives driving sector growth, according to a Press release by APCO Worldwide, on behalf of the Bahrain Economic Development Board. The rebound of Bahrain’s real estate sector fuelled a 14% and 20% rise in real estate deals in the third and fourth quarter of 2020, respectively, with the total value of real estate transactions in Bahrain reaching USD 1.9 billion (BD 717.4 million) in 2020, the release said.

Bahrain’s National Real Estate plan for 2021-2024 is set to further increase the sector’s contribution to the national economy as part of continued economic diversification efforts, the release said. The plan includes five initiatives and 17 projects, including laws and regulations, long-term plans and operational initiatives for developing the real estate sector, the release added.

According to the release, mixed-use major real estate projects in the Kingdom are set to exceed USD 12 billion. The projects, including Eagle Hills Marassi Al Bahrain, Diyar Al Muharraq, Dilmunia and Bahrain Bay, are creating prosperity through attractive and unique real estate destinations, the release said. Bahrain is a multidimensional marketplace that enables investment in a diverse range of properties that focus on addressing the growing consumer demand in Bahrain and the region for integrated communities that offer opportunities for the live, work, play lifestyle, the release added.

Commenting on the latest real estate developments, Ali Al Mudaifa, Executive Director – Investment Origination, Bahrain Economic Development Board, said: “Bahrain’s bounce back in the real estate sector is testament to the Kingdom’s dedication towards economic growth. Seeing these projects come to life has been a rewarding experience, and we are confident that Bahrain’s real estate sector will continue to grow in the coming years.”

In addition to delivering a total of 30,000 homes over the past five years, the release said, Bahrain’s housing ministry is currently in the process of digitising their services to improve their offering. During 2020, the release said, the ministry completed around 45,000 transactions online, increasing efficiency and resulting in a 75% reduction in congestion time for housing service applications.