The Real Estate Regulatory Authority (RERA) in Bahrain has released its inaugural market report for the first quarter of 2024, showing a 13% increase in real estate transactions in the Kingdom. The report, available on the Aqari platform, provides a comprehensive overview of the real estate development sector in Bahrain, catering to developers, investors, real estate professionals, and policymakers. H.E. Shaikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, highlighted the significance of the Aqari platform in demonstrating Bahrain’s commitment to modern technology, including artificial intelligence, in various sectors, especially real estate.
The quarterly report on the Aqari platform is intended to be a reliable source of information for tracking key real estate indicators and trends, aligning with RERA’s role as the primary provider of accurate data and statistics on the Kingdom’s real estate development sector. This initiative also supports the objectives of the National Plan for the Real Estate Sector (2021–2024), which aims to create a sustainable real estate sector that positively influences other economic sectors. The report from Q1 2024 showcases several key developments in the real estate market, including a 13% increase in sales transactions, with Areas of Social Services and Public Utilities Projects (SP) representing 22%, followed by Private Residential Area A (RA) at 18%.
The Connected Residential Area (RHA) saw a 13% increase, contributing to a 23% rise in the total value of sales transactions. A total of 550 building permits were issued, with the majority for residential purposes. Diyar Al Muharraq, Manama, and Al Hidd saw significant sales transactions, with one off-plan project licensed for BD45 million and under-construction projects exceeding BD430 million in total value. Sales of off-plan projects reached over BD11 million in Q1 2024, with the highest apartment sale reaching BD1.4 million.
The Q1 2024 Real Estate Market Report provides insights into Bahrain’s dynamic real estate landscape, showcasing its rapid growth and vast potential. This report is a valuable resource for stakeholders looking to understand market trends and make informed decisions. With the real estate sector playing a crucial role in the Kingdom’s economy, the data and statistics provided in the report are essential for driving sustainable growth and development in the industry. As Bahrain continues to invest in modern technologies and infrastructures, the real estate sector is set to remain a key driver of economic prosperity in the years to come.
