Increase in sales of real estate projects in the Kingdom of Bahrain

The Bahrain Real Estate Market Report for the second quarter of 2024, issued by the Real Estate Regulatory Authority, showed an increase in off-plan sales by 82% compared to the second quarter of 2023; as sales exceeded 19 million Bahraini dinars, in addition to licensing two new projects worth 16.82 million Bahraini dinars out of 18 projects under construction. While Diyar Al Muharraq continued to lead as the highest area in the second quarter of 2024 with a value of 29.59 million Bahraini dinars in the value of sales transactions. The report indicated that the "Manama - Waterfront" area had the highest number of sales transactions, which amounted to 200 transactions, according to what was reported by the Bahrain News Agency "BNA". The real estate market report, launched by the Real Estate Regulatory Authority in Bahrain, stated that land sales amounted to about 179 million dinars, equivalent to about 55.65% of total sales during the first quarter of 2024.

The Southern Governorate recorded the highest sales among the governorates of Bahrain, with a value of 89 million dinars, equivalent to about 25% of the total value of sales, followed by Muharraq Governorate with a value of 80 million dinars during the first quarter of this year.

As for the highest areas according to the number of sales transactions and the total value of those transactions, Diyar Al Muharraq topped them with a trading value exceeding 30 million Bahraini dinars, followed by the capital Manama with an amount of about 24 million Bahraini dinars, and Al-Hadd with an amount of 12.39 million Bahraini dinars.

Foreigners owned about 715 properties during the first quarter of this year, including 452 apartments, about 174 lands, and about 78 houses. Foreign real estate transactions were concentrated in the Diyar Al Muharraq area, with the purchase of about 103 properties, then Amwaj Islands, with 33 real estate deals, and Marsa Al Seef with 18 properties. The report reviewed the top 10 classifications according to the number of sales transactions during the first quarter of 2024, which witnessed a growth of 13%, as special nature classifications (SP) accounted for 22%, followed by the private housing classification A (RA) with 18%, and then the connected residential area classifications (RHA) with 13%; thus, the value of sales transactions increased by 23%.

The properties traded in sales transactions varied to include buildings, apartments, houses, lands, and others in various governorates of the Kingdom of Bahrain, as the Northern Governorate topped sales transactions, followed by the Muharraq Governorate, followed by the Capital Governorate, and the Southern Governorate.

Regarding the number of building permits according to the nature of use during the same period, 550 permits were issued, including 462 permits for residential purposes, 56 permits for commercial purposes, and other multi-use permits for government facilities.

The report indicated that an off-plan sale project was licensed at a value of 45 million Bahraini dinars, while the value of all off-plan sale projects under construction exceeded 430 million Bahraini dinars; thus, the value of sales of off-plan sale projects exceeded 11 million Bahraini dinars during the first quarter of this year. The report also monitored the highest value of an apartment sale on the map, which amounted to 1.4 million Bahraini dinars