01 October 2017

Leading developers from Bahrain showcased over $11 billion worth of mixed-use real estate projects under the national pavilion during the Cityscape Global.

Participants included The Bahrain Economic Development Board (EDB) as well as five major developers – Bahrain Bay, a $2.5-billion waterfront district; Diyar Al Muharraq, a progressive urban development including the iconic Dragon City; Durrat Al Bahrain, a hallmark island city; Canal View, canalside living at its finest in the heart of Dilmunia and Bahrain Marina, a trendy waterfront development in the heart of Manama, said industry experts.

The EDB’s quarterly report revealed growth in the sector reached 4.5 per cent in the first quarter of 2017, contributing over $1.7 billion to the economy. Real estate transactions grew by 15.2 per cent in the first quarter of 2017, reaching a total value of $770 million, an 8.1 per cent jump compared to the same quarter in 2016.

The retail and hospitality sector also witnessed rapid growth, while the hotels and restaurants sector emerged as the fastest growing sector during the first quarter of this year, recording a 12.3 per cent year-on-year real rate of expansion.

According to the Ministry of Housing’s latest statistics, the number of residential applications pending allocation of units currently stands at 55,000 and is estimated to grow by 5,000 each year, and are driving the high demand for residential units in the Kingdom.

• Flurry of launches at Cityscape
• Nakheel displays $1bn projects
• Bahrain developers to the fore
• 400 firms dazzle four-in-one show
• Messe Essen to make SteelFab debut
• Design on the double
• GCC materials handling market to hit $5bn

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