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RENTAL POLICY ON WAY

Bahrain property deals up 46pc in 2012

Manama, January 13, 2013

The volume of real estate transactions in Bahrain increased by 46 per cent last year as compared to 2011, with a total value of BD663.9 million ($1.74 billion), a report said.

Figures revealed by the public relations and media section at the Survey and Land Registration Bureau also indicated that real estate transactions in the fourth quarter of last year rose by 23 per cent compared to the same period in 2011, said a report in our sister publication, the Gulf Daily News.

The fourth quarter figures for 2011 and 2012 showed that the value of transactions among Bahrainis increased by 57 per cent, GCC nationals by 68 per cent and foreigners by 54 per cent.

The total value of transactions among Bahrainis last year was BD559.7 million, in which GCC nationals had a share of BD48.6 million, and expatriates worth BD55.6 million.

The sector thrived because of the confidence of Bahraini, GCC and foreign investors, which has been restored thanks to the prevailing positive atmosphere and the government’s sound policies.

Property rental policy on way

Bahrain plans to set up a specialised property management team to draw up a comprehensive policy for rental of state property to serve educational, health, social and sports services, the report said.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa said a specialised company has been commissioned to identify and classify state property prior to setting up a Central Registry of State Property.

The ministry is now working on a state property development project to be linked to ministries and government bodies.

He was speaking in reply to a question by MP Dr Ali Ahmed on a parliamentary probe committee’s recommendations on public and private state property. – TradeArabia News Service




Tags: Bahrain | Expatriates | GCC nationals |

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