Real estate sector on track

MANAMA: The real estate sector has emerged from a learning curve and is an important indicator of Bahrain's economic recovery.

Unrest and the downturn of the sector have not severely impaired the market as developers continue to see takers for commercial and residential project.

"Real estate investment is considered to be the main driver behind economic growth," said Saar Central managing director Nader Al Qassab.

"We're on the verge of moderate growth, according to credit ratings agency Fitch.

"We're now expecting growth of 3.5 per cent, which is a 60pc increase from last year," he added.

Luxury residential development Saar Central has managed to sell nearly 10 villas out of the 82 spread across a 65,000sqft area.

Buyers have matured since the property market downturn and shopped around with greater bargaining power to invest in the real estate sector.

"The Bahraini real estate market is improving and high-grade assets, such as Saar Central, offering a solid return on investment and considerable income from rentals are on an upswing," added Mr Al Qassab, who is investment director at Capivest.

"Our multiple purchase options and attractive prices also make Saar Central an appealing investment option for GCC-wide investors."

Improved security and fencing have been put in place to ensure that vandalism and domestic disturbances do not affect the neighbourhood.

"The unrest in Bahrain did affect some of the areas around Saar and the Budaiya Highway," he said.

"We've arranged the boundaries and improved security for the villas," Mr Al Qassab added.

The real estate sector had emerged from a learning curve, according to marketing partner and Vahid Associates Brand Futurists executive principal Vahid Mehrinfar.

The market posed fresh challenges for real estate specialists as it now required a detailed study of the aspirational needs of the home-buyer, he added.

Source: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=341221