Bahrain: Nearly A Third Of Residential Properties Vacant

According to RERA, the real estate market needs a push to improve its state.
- Advertisement -

An excessive number of housing projects are reducing the average monthly rent for residential apartments in Bahrain.

The vacancy rate in Bahrain’s residential market stands at around 28%, despite which plans for more housing projects continue.

The average current value for a residential apartment stands at BD 4.60/sq.m/month, more than a 10% drop compared to the same period last year.

With the vacancy rate for office real estate crossing 22%, landlords continue to remain under pressure to find tenants to occupy vacant office spaces despite the monthly rent declining 0.5%.

READ  Departure of expatriates seriously affects real estate market

The statistics were published by Kuwait-based KAMCO Investment Company KSC (KAMCO), a subsidiary of United Gulf Bank which specialises in asset management and financial services in Kuwait and the Middle East and North Africa (MENA).

Vacancy rate in Bahrain’s residential market stands at around 28%

Earlier this year, PropertyFinder, an online real estate platform, ranked West Riffa, Riffa Al Sharqi, and North Riffa as the most affordable residential areas for apartments.

North Riffa, Diyar Al Muharraq and West Riffa were ranked the most affordable areas for villa rentals while Seef District and Manama remain the highest priced for office rentals.

- Advertisement -

1
Leave a Reply

avatar
1 Comment threads
0 Thread replies
1 Followers
 
Most reacted comment
Hottest comment thread
1 Comment authors
Bahrain real estate Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Bahrain real estate
Guest

That’s right I was thinking to invest my money in the real estate industry in Bahrain but, I found that it suffers from the recession so I Changed my mind, I wish it becomes better soon