Abbas Al-Mughni
Real estate trading increased during the third quarter of 2023 to about 272 million dinars, compared to trading of about 254 million dinars for the same quarter of 2022, and about 235 million dinars for the same period of 2021, and 206 million dinars and 180 million dinars for the same period of 2020 and 2019, respectively. According to the Survey and Land Registration Authority.
The volume of real estate transactions during the third quarter of this year amounted to about 5,060 real estate transactions, compared to 5,481 real estate transactions for the same period of the year 2022, and 5,519 real estate transactions for the same quarter of the year 2021.
The Chairman of the Board of Directors of Granada Real Estate Group, Hassan Mushaima, said: “Most real estate transactions are concentrated in residential lands,” stressing that transactions are rising with the introduction of new plans, as dealers pump millions of dinars into purchasing land and then developing it, especially by developers and contractors.
He stated that most of Granada’s real estate sales are in lands and plans, explaining that “Granada” is marketing many plans in various regions of Bahrain, including the Askar plan, the Jaw plan, a new plan in the Sanabis area, the Al-Naama plan in Al-Rakh village, and a plan in Janabiyah, in addition to New plans that will be presented soon, including the Al-Hadd plan, the Jablat Habashi plan in Seville, the Jidhafs plan on Al-Badi Street, and the Al-Nasifa area plan.
Regarding bank financing, he said: “Bank financing for the real estate sector has become more difficult and stringent, and at the same time banks have raised profits to record levels. We can fulfill the bank’s conditions, but the bank’s profits are high.”
For his part, real estate developer Muhammad Ali said: “Residential real estate constitutes more than 85% of trades in the market, while investment real estate is still modest and depends on foreign investors who want to obtain the golden residency granted to a foreigner who buys real estate worth 200 thousand dinars.”
2023-10-07 23:24:00
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