The Real Estate Regulatory Authority (RERA) has reported an impressive 82% increase in sales of off-plan projects during the second quarter of 2024, compared to the same period in 2023. The total value of sales exceeded 19 million Bahraini dinars, with Diyar Al Muharraq leading the way as the top-performing area with sales transactions amounting to 29.59 million Bahraini dinars. Additionally, two new projects were granted licenses, totaling 16.82 million Bahraini dinars, contributing to the 18 developments currently under construction. The Manama-Waterfront area recorded the highest number of transactions, totaling 200.
The report highlighted that Special Projects (SP) areas had the most transactions, totaling 504, which included a mix of buildings, flats, houses, and land plots. Following closely behind were Private Residential Areas (RA) with 447 transactions. In terms of building permits issued by usage type, 327 permits were approved during the same period, with the majority being for residential purposes. Commercial use permits numbered 29, with the remaining covering mixed-use developments and government facilities.
RERA published the real estate market report for the second quarter of 2024 on the Aqari platform, offering detailed data and analysis on Bahrain’s real estate sector performance during this period. The report provides a comprehensive overview of trends and developments within the industry and aligns with the national real estate sector plan (2021-2024), aimed at regulating the market, promoting sustainability, and enhancing transparency. The report has become a valuable resource for decision-makers, professionals, and industry stakeholders.
Shaikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, emphasized the importance of the data in the report, which was compiled and reviewed using the Aqari platform. This platform leverages the latest real estate technology and artificial intelligence to ensure the accuracy and reliability of the information provided. The report serves as a reliable tool for those involved in the real estate sector, providing insights and information to guide decision-making and strategic planning.
Overall, the real estate market in Bahrain has shown significant growth in sales of off-plan projects and development activities during the second quarter of 2024. With Diyar Al Muharraq leading as the top-performing area and the Manama-Waterfront area recording the highest number of transactions, the sector continues to demonstrate resilience and growth. The data and insights provided in the report offer valuable information for stakeholders looking to navigate and capitalize on opportunities within Bahrain’s real estate market.
