Bahrain's real estate sector ‘exhibits resilience in 2024'
Bahrain's real estate sector demonstrated resilience in 2024, navigating a slight contraction in transaction activity while maintaining overall stability, according to a new report by ASK Real Estate.
The report highlights that transaction volumes in 2024 decreased by 4.82 per cent compared to the previous year, with 24,863 transactions recorded.
However, the total transaction value experienced only a marginal reduction of 1.64pc, amounting to BD1.06 billion. This indicates a market trend leaning towards higher-value properties, suggesting continued interest in premium assets despite the dip in transaction numbers.
Land, residential, commercial, and industrial property rates remained stable throughout 2024. This stability is seen as a positive sign, reassuring investors and developers of the market's steadiness.
The hospitality sector continued its positive trend, with hotel occupancy rates rising from 52.88pc in 2023 to 54.85pc in 2024, a 1.97pc increase.
The Average Daily Rate (ADR) also improved by 3.76pc, reaching BD63.80, and Revenue Per Available Room (RevPAR) increased significantly by 8.36pc, to BD37.07. These figures reflect Bahrain's growing attractiveness as a tourism destination.
Karim Yazji, chief executive of ASK Real Estate, emphasised that the market's resilience reflects strong investor confidence.
'The real estate sector's consistency and reliability highlight the abundance of investment opportunities available. The government has played a pivotal role in driving sectoral growth by enhancing transparency and providing accessible, data-driven insights to stakeholders.'
Mr Yazji added, 'The encouraging indicators outlined in the report reinforce the sector's contribution to national economic development, while strengthening Bahrain's position as a premier investment destination in the region. Between 2021 and 2024, we've seen exceptional growth grounded in sound fundamentals.'
The report provides a broader economic context, noting that global economic growth remained moderate in 2024, around 3.2pc, and was hampered by factors like persistent inflation and tighter monetary policy in the first half of the year.
In contrast, GCC economies demonstrated robust growth in 2024, driven by high oil prices and diversification efforts.
Bahrain's economic highlights in 2024 include advancing to 21st globally in the IMD World Competitiveness Ranking, attracting $2.4 billion in investments through the Golden Licence initiative, and significant investments by the Abu Dhabi Fund for Development.
The report delves into specific sectors, noting the stabilisation and adjustments in retail, office rentals, industrial spaces, and residential properties. Off-plan sales remain attractive, particularly to foreign and GCC national buyers.
It also emphasises the growing importance of sustainability in the kingdom's real estate sector, outlining the benefits and opportunities for adopting green building practices. Looking ahead to 2025, the GCC economies, including Bahrain, are poised for continued growth, driven by diversification efforts and adjustments in oil production.
avinash@gdnmedia.bh
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