Real estate developers in Bahrain said that the real estate market has declined by 50% after imposing charges on infrastructure, indicating that sectors are affected by market.
Arif Hejres, chairman of The Bahrain Property Developers Association (BaPDA), said that the decision on infrastructure cost recovery in Bahrain led to a 50% decline in real estate market, whether on the level of selling of real estates or in terms of demand on construction and development.
Hejres said that this decision has affected approximately 16 different sectors related to real estate development, such as electrical engineering, sale and import of building materials and many different related sectors.
BaPDA chairman added that “during the period that witnessed salability in the works of construction and real estate development, no fees were imposed. However, when the market witnessed a slow pace due to financial situation caused by low oil prices, this decision came and slowed down the real estate market more.”
Source Credit: Bahrain Mirror