Increased demand for Bahrain property
The kingdom of Bahrain has a number of residential property projects nearing completion that will ease the current lack of supply that has led to an increase in demand.
Several major residential developments will be brought to market in the remainder of 2013 under the government’s housing programme. Some 6,000 government built homes will be completed by the end of the third quarter of 2013, although the waiting list currently stands at over 50,000.
The Bahrain Central Bank has made a growth projection of 4% in 2013 and with a planned US$1 billion aid investment for the country’s infrastructure, the property market is expected to undergo a significant improvement.
Although an increase in supply usually has the result of pushing down values and rental yields, many analysts think that this will not be the case in Bahrain. The domestic demand levels are unlikely to be wiped out by the increase in stock, and the numbers of US Navy personnel on the island are increasing, which will also have an effect on overall take-up.
Tenant demand in Bahrain also has its own quirks, with quality of finishing playing a big part in whether or not a sale or lease is successful. A distinct preference for furnished properties with high end contemporary modern amenities is pushing the market in a very definite direction.
The developments on Amwaj Islands, Zawia 3, the Address Villas and Amwaj Waves are all expected to come onto the market this year and will be watched with interest by overseas investors.
If you are considering buying a property in Bahrain, or anywhere in the world, you will need to transfer money worldwide. Anyone looking to transfer funds to Bahrain should compare the market to get the best exchange rates.
It is worth bearing in mind that rates offered by specialist currency firms are often better than those offered by high street banks, so it is worth doing your research before making a decision.