Manama: Mahmood Rafique, Editor: With a 2.2 per cent GDP growth forecast for 2023, Bahrain’s real estate transactions volumes up 7.1% YoY at end of second quarter.
According to the Bahrain Real Estate Market Review Q2 2023 the office sector, rental rates remained stable. Vacancy rates reduced marginally to 26.3% according to CBRE’s figures, the lowest since 2019.
“Average quoted residential apartment sales rates remained stable YoY, with apartment rates unchanged and a softening of 0.2% for villas. Rents continued to trend upwards YoY with quoted apartment rents increasing by 4.6% and quoted villa rents increasing by 7.3% YoY.
According to the BTEA, Bahrain International Airport welcomed over four million passengers during the first six months of 2023, up 43.2 per cent from the same period in 2022.
“STR figures showed hotel occupancy in Manama increased by 11.2% YoY, up 5.2% percentage points, from 46.1% to 51.3% in the year to date to June 2023. ADRs increased marginally, at 1.8%, whilst RevPARs increased by 13.1% YoY in the same period.”
CBRE’s bi-annual retail occupancy survey recorded an increase of 3.6 percentage points, raising the figure to 70 per cent across tracked properties, while average rental rates showed a decline of 4 per cent in the year to June.
