- The strong growth reported by SLRB sets a positive tone for the real estate sector in the coming years, prompting stakeholders to anticipate continued expansion and opportunities for growth and development.
SLRB reports 23% growth in real estate trade in 2023
Manama, Apr. 28 (BNA): The Survey and Land Registration Bureau (SLRB) reported a 23% increase in the volume of real estate trading for the first quarter of 2024.
According to recent statistics, the real estate sector has seen an increase in the demand for property purchases, such as apartments in residential towers, houses, lands and buildings across the four governorates, mainly the Capital Governorate.
During the first quarter of 2024, 2,530 sales transactions took place at a value of of BD 393,183,257. In 2023, 2,242 sales transactions took place at a value of BD320,060,693.
During the first quarter of 2023, the value of real estate trading for citizens of Bahrain was BD 287,576,049, while in 2024 it amounted to BD 355,794,712.
The Gulf Cooperation Council (GCC) citizens’ trading in 2023 was BD15,427,274, while in 2024 it has reached BD 15,055,907.
Foreigners’ trading in 2023 was BD17,057,371, while in 2024 it reached BD 22,332,638.
Basem bin Yaqoub Al Hamer, President of the SLRB, said the figures of the first quarter 2024 indicated the vitality of the real estate sector and its capabilities in contributing to supporting other key development sectors.
Al Hamer noted the SLRB’s commitment to continuing to advance its work mechanisms to adapt to changes and contribute to the growth of the real estate sector in Bahrain and boosting its competitiveness and fostering a conducive and sustainable investment environment.
