Bahrain's real estate sector appears to be improving
There are strong signs that Bahrain's luxury real estate sector is bouncing back, said an industry expert.
The sale of initial 32 sea-facing villas on the man-made island off the coast of Muharraq, the first to be made available for sale, sold out in only three days marking a dramatic show of investor confidence both in the kingdom's economy and in the project developer, Ithmaar Development Company (IDC) chief executive Mohammed Khalil Al Sayed was quoted as saying by the Gulf Daily News, our sister publication.
The Seavilla project, the first residential offering at Dilmunia at Bahrain, a mixed-use development built on an island off the coast of Muharraq, consists of villas, each with its own sea frontage. The project, which is being built on a total area of approximately 20,000 sq m with a 500 metre shoreline, will take 18 months to be completed.
"Seavilla was announced on June 11 and all available units were sold out by June 15," he said.
"This dramatic success is clear, irrefutable testimony to growing investor confidence both in Bahrain's economy and, more specifically, in the kingdom's real estate industry.
"It is also a clear reflection of the market's confidence in our ability to deliver innovative, high-quality solutions in time and on budget."
Al Sayed's announcement follows only days after the Central Bank of Bahrain pointed to a rebound in profits across all sectors of the banking industry in the first quarter of 2013 as a reflection of the recovery of the kingdom's banking sector.
"The dramatic success of Seavilla could not have come at a better time for us in Bahrain," said Al Sayed. "It is something we can all be justifiably proud of, and sets the stage for bigger, better things."
Earlier, IDC announced it had awarded the infrastructure package, valued at $22.5 million, to Cebarco Bahrain after completing a comprehensive tendering process.
The package, relating to the first phase of the ambitious 125 hectare island's highways and roads, a distributor bridge crossing on top of Dilmunia's Grand Canal, landscaping, its power, water, sewerage, drainage, and telecommunications networks, will take 24 months to be completed, enabling the completion of various sub-developments within a similar timeframe. As a result, end-users can be handed the keys to their units by mid-2015.