Real estate records 4.5% quarterly growth in Bahrain
Hotels and restaurants made hospitality the fastest-growing sector in Q1 2017, a period during which the kingdomn's total real estate transactions amounted to $770m
Bahrain's real estate sector grew by 4.5% in the first quarter of 2017, the kingdom's Economic Development Board (EDB) has found.
Growing demand for residential and retail developments led the property sector's expansion during the period, when it contributed more than $1.7bn (BHD641m) to the national economy.
EDB's quarterly report found that real estate transactions in the kingdom grew by 15.2% in Q1 2017, when they were valued at $770m (BHD290.4m).
The amount is a 8.1% hike over transaction values recorded in Q1 2016.
Hotels and restaurants made hospitality the fastest-growing sector in Q1 2017, recording 12.3% year-on-year (YoY) expansion.
Ministry of Housing data shows that 55,000 residential applications are currently pending allocation in the country, and the figure is estimated to grow by 5,000 annually.
More than 17 public and private housing projects are currently under development in the kingdom.
Avenues Mall, a 83,700m2 building set to open later this year, is also expected to drive retail real estate growth in the kingdom, BNA reported.
This data was revealed on the heels of Bahrain's participation in Cityscape Global 2017, which opened in Dubai on Monday, 11 September.
Mixed-use developments worth more than $11bn (BHD4.1bn) will be showcased at Bahrain's pavilion during the three-day event, which is being held at Dubai International Convention and Exhibition Centre (DICEC).
Bahrain Economic Development Board (EDB), as well as the developers of Bahrain Bay, Diyar Al Muharraq (pictured), Durrat Al Bahrain, Canal View, and Bahrain Marina, will participate at the show.