Gulf nationals invest $2.5 million a month in Bahraini real estate
Real estate transactions carried out in the Gulf Island of Bahrain totaled 15 million Bahraini dinars ($39.8 million) in the first eight months of the year 2001. Of this total, 50.8 percent involved Gulf businessmen, investing BD 7.6 million, or an average of $2.5 million a month, reported Al-Sharq Al-Awsat.
Saudi nationals account for 56 percent of the Gulf businessmen’s share in Bahraini real estate transactions, investing a total of BD4.3 million between January and August 2001. Kuwaitis invested BD2.5 million during that period, while Omani. Qatari, Bahraini and Emirati traders accounted for no more than half a million BD’s each, according to the Ministry of Justice and Islamic Affairs department dealing with land registration.
The most vibrant monthly activity on the Bahraini realty market was recorded in March, when BD1.8 million deals were sealed by Gulf businessmen. In February, BD1.6 million worth of Bahraini real estate property were sold to Gulf investors, while in June such transactions totaled BD1.3 million.
The Bahraini government’s decided last year to open the property market to other Gulf Cooperation Council nationals and expatriate residents, in the course of revitalizing investment in the country.
Bahrain's efforts to attract foreigners to invest in the real estate sector have culminated in March, with the government specifying areas where foreigners can buy land and build highrises for commercial and residential purposes, according to Gulf News.
According to the edict, commercial and residential projects of 10-storey and above will be located in areas such as Ahmed Al-Fateh (formerly Juffair), Hoora, Bu Ghazal, Al-Seef (allotted for three-, five- and ten- storey buildings) and the North Manama area, which include the Diplomatic area where a number of ministries, leading banks and other commercial ventures were located.
Investments on commercial, industrial and tourist projects, besides banks, financial, health, education and training projects, will be located in areas such Dorrat Al Khaleej, Danat Hawar and Amwaj Islands. — (Mena Report)
© 2001 Mena Report (www.menareport.com)