Gulf Insider interviews Abdulrahman AlKooheji, CEO of Esnad Management.
As an entrepreneur, how has the pandemic affected your day-to-day work?
The pandemic has positively affected my day-to-day work. I am continuously looking for new opportunities in the market and it has given me the opportunity to build a new strong team.
What is an unexpected benefit or learning you’ve had in this period?
This period brought a lot of projects my way. Due to COVID-19, property owners didn’t know how to manage their projects, so it gave my company,Esnad, the opportunity for them to come to us to, which in return taught us how to handle their properties during this period.
How has the pandemic impacted the real estate market In Bahrain?
Currently, the real estate movement is no longer from outside investors, it is completely relying on the local market. Property websites have reported a significant rise in the number of people searching for homes with larger gardens and space for a home office.Coronavirus is making people think about how and where they work and live.
Many people question the real estate market in Bahrain, that there is so much supply and not enough demand and yet there’s more and more construction with new developments going up. What’s the reason behind this?
The supply in Bahrain is not much in comparison to other countries. There is a supply, but it is not as high as people think. Our economy has been in a harsh situation, even from before COVID-19 started. Reason is because people are overwhelmed and scared because they are assuming that there is a lot of supply. The truth is all economies are like that, not just the real estate market or Bahrain’s economy per se.
What is your prediction for the GCC real estate market for the next 2-3 years?
I think the real estate market will remain quiet and flat up to quarter 3 of 2021.From quarter 4 of 2021 we will have growth for the next 10 years but in the first five years we will have very good growth.