Bahrain property sector 'seeing correction'
Manama, July 25, 2011
There has been a 60 per cent 'correction' in the Bahrain real estate market in the last few months, said a senior official.
Sakana Holistic Housing Solutions chief executive officer R Lakshmanan added business was also getting better with more and more real estate projects being launched and some of the older projects gathering pace.
"We have seen a definite change with more and more inquiries coming in from investors and those wanting to acquire residential apartments," he said.
Lakshmanan was speaking at the launch of Phase 1 of the Sakana Busaiteen housing project in Busaiteen.
The BD2 million ($5.3 million) project comprises 10 three-storey buildings, with three apartments each. Five of these buildings have now been completed, he said, with construction on the other five set to begin soon.
"Sakana Busaiteen is built based on the contemporary family needs and requirements in the form of comfort, accessibility and financing but cherish the joys of living in close proximity of the extended family," he said.
Lakshmanan said apart from providing several options to customers for furnishing, they are providing mortgage financing up to 90 per cent value of the property for terms up to 30 years.
Company chairman Reyadh Yousif Sater said this is their first property targeted towards the Bahraini market that takes into consideration local cultural preferences.
"Customers have the option of either purchasing an entire building or individual apartments," he said.
"We have partnered with several leading home furniture and appliance suppliers and interior decorators to furnish a mock up building and customers will be offered three distinct choices at competitive prices."
Each building is comprised of individual self-contained three-bedroom apartments, with shared common facilities.
"All the buildings are individually created to incorporate touches of traditional architecture in their luxurious contemporary design."
The contractor for the project is R P Construction while the consultants are Akbari Architects. – TradeArabia News Service