October 29, 2015
The Kingdom of Bahrain Pavilion, hosted by the Economic Development Board (EDB), showcased a number of Bahrain’s key real estate developments, worth $10 billion at Cityscape Global event in September. The showcasing developments included: Diyar Al Muharraq, Bahrain Bay, Durrat Al Bahrain, Al Bilad Real Estate Development Company’s Garden City development, in addition to Manara Developments Company’s Investment Gateway – Bahrain, and Bahrain World Trade Centre.
Bahrain Bay, the $2.5 billion waterfront district located in the heart of Manama, announced a new investor on the side-lines of the exhibition. Bin Faqeeh Real Estate Investment Company purchased three land parcels for its new residential complex project titled ‘Water Bay’, which will be the first residential complex in Bahrain Bay. Water Bay will feature three distinct 10-storey residences with around 600 luxury apartments and a retail floor. The construction will start later in 2015 and the project is scheduled for completion in 2017. The delegation from Bahrain Bay also be highlighted specific investment opportunities with an emphasis on the South Marina Waterfront District, a waterfront precinct designed around vibrant neighbourhoods of residential, apart-hotel and retail spaces.
The Bahrain Pavilion also showcased Diyar Al Muharraq, a USD $3.18 billion complete real estate project surrounded by 40 kilometres of waterfront and beaches, making it longest waterfront in Bahrain. It comprises 7 islands with a total of 12 square kilometres of reclaimed land, and a mixed-use urban residential development creating a community that embraces the social and cultural fabric of the country. It will offer a high quality lifestyle with the most modern facilities and infrastructure, with close links to the heritage and vibrancy of the Kingdom, and will hold a number of architectural landmarks for visitors, reflecting the openness and cultural richness of Bahrain. It also incorporates a number of residential and commercial properties that meet both personal and investment interests and needs.
Durrat Al Bahrain, The $6 billion joint development owned by the government of Bahrain and Kuwait Finance House (Bahrain) is another project showcased at the Kingdom’s pavilion. Located on the south coast of Bahrain, the 21 square kilometres master development will offer more than 1,500 beachfront villas, 3,600 executive apartments and offices, luxury hotels and spa resorts, parks and entertainment precincts, mosques and international schools, premier retail malls and restaurants, as well as “Durrat Marina”.
The $1.3 billion marina will cover an area of 700,000 square metres, provide berthing space for 400 boats and yachts. It will also host the Ras Al Barr Development, which is located to the south of Durrat Al Bahrain resort. The development will offer a range of waterfront housing options, themed hotels, retail and souqs, public waterfront and beaches, as well as community facilities, schools, parklands, and sport facilities.
Manara Developments Company highlighted its $200 million major industrial zone “Investment Gateway – Bahrain”. The 601,000 square metres project is located between Bahrain International Airport, Salman Industrial Area and the expressway linking to Mina Salman. Ninety per cent of the first phase-listed plots have been already sold.
Albilad Real Estate Investment Co. WL, the master developer of the Water Garden City, a mixed-use development along the northern coastline of Manama also participated in the exhibition. The development comprises a marina, beach, gardens, and marina promenade with waterfront fine dining restaurants, together with luxury duplexes, apartments, four star hotels, and some offices.
Bahrain’s real estate market has experienced substantial growth over the last decade with total stock increasing from 200,000 square metres in 2000 to 536,000 square metres in 2010. Growth has been predominantly driven by strong population growth, increased domestic disposable income, and greater demand from Saudi Arabia and other GCC countries.
In 2014, the number of real estate transactions in Bahrain increased by 50% compared to 2013. Data from the Survey and Land Registration Bureau showed that the total value of transactions in 2014 was $3.44billion.