Bahrain's real estate sector bounced back during the second half of 2020, increasing by about 14 per cent and 20 per cent in the third and fourth quarters, respectively.
The volume of real estate transactions across the kingdom hit BD717.4 million ($1.9 billion) last year, compared to BD808.9 million the year before, thus registering a 11 per cent decline amid tough economic conditions, said a top official.
Survey and Land Registration Bureau (SLRB) President and Board of Directors Chairman of the Real Estate Regulatory Authority (RERA) Shaikh Salman bin Abdulla bin Hamad Al Khalifa pointed out that the results could be considered positive, given the exceptional circumstances created by the spread of the novel coronavirus (Covid-19) pandemic and its economic impacts.
The positive results attained in the second half were the fruitful outcome of the measures taken by the government to support the economic activities, in general, and the real estate sector, in particular, stated Shaikh Salman.
"The government has been keen to strike a balance between enforcing precautionary measures to prevent the spread of the pandemic, and providing the appropriate environment to ensure the continuity of vital economic sectors, which contributed to their relative stability," he added.
Shaikh Salman pointed out that the adoption of digital work had played a role in facilitating transactions during such conditions.
"Bahrain's real estate sector boasts an investment-attracting environment, given the kingdom’s laws that protect the rights of dealers, and the support of the government for it," he added.
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