Real Estate Transactions of First Quarter of 2024.
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President of Survey and Land Registration Bureau: 23% growth in real estate transactions value in the Kingdom of Bahrain compared to the same period in 2023
His Excellency Engineer Basim bin Yacob Al Hamer, President of Survey and Land Registration Bureau, affirmed that the real estate sector in the Kingdom of Bahrain witnessed significant development during the first quarter of 2024, indicating the vitality of this sector and the assets it possesses, which contribute to enhancing its role in supporting various developmental sectors contributing to development paths.
According to recent statistics, the real estate sector has seen an increase in demand for property purchases such as apartments in residential towers, houses, lands, and buildings in all four governorates, with the capital governorate leading in property sales during the first quarter of 2024.
The value of real estate transactions during the first quarter of 2024 amounted to approximately BD 393,183,257, executed through 2,530 sales transactions, marking a 23% increase in trading compared to 2023 for the same period. The value of real estate transactions during the first quarter of 2023 amounted to approximately BD 320,060,693, executed through 2,242 transactions.
Regarding the volume of real estate trading for Bahraini citizens, GCC nationals, and foreigners during the first quarter of 2023 and 2024, Bahrainis' trading volume for 2023 was BD 287,576,049, and for 2024, it was BD 355,794,712. The trading volume for GCC nationals in 2023 was BD 15,427,274, and for 2024, it was BD 15,055,907. As for foreigners, the trading volume for 2023 was BD 17,057,371, and for 2024, it was BD 22,332,638.
His Excellency, the President of Survey and Land Registration Bureau, highlighted the bureau's commitment to continue advancing in the process of development and modernization, keeping pace with developments regarding the implementation and application of the best systems, and adopting advanced administrative methods that support the increase in real estate trading in the Kingdom of Bahrain, thus contributing to enhancing the competitiveness of the sector, stimulating the investment environment, and ensuring its sustainability.