The popularity and success of the real estate market in Dubai is
well documented; but in sharp contrast Bahrain - which is one of
the Middle Eastern property markets with the greatest potential
- is little known and often overlooked.
Bahrain has a small but well establish luxury real estate
market; and recent changes to legislation allowing for foreign
freehold ownership of property within certain real estate
developments in Bahrain has created a surge of investor and
consumer interest in the kingdom.
The kingdom of Bahrain has long been home to a large expatriate
community, with expats mainly heralding from the UK, Europe and
the US. Expatriates living in Bahrain generally enjoy an
incredibly high standard of living, substantial tax free income
and an inimitably luxury lifestyle - and the type of
accommodation they seek has become the iconic style of real
estate now for sale to foreign purchasers. Indeed, the real
estate developments where foreign freehold ownership of title is
allowed in Bahrain epitomize quality and opulence.
In recent years Bahrain has been working hard to diversify its
economy away from oil by focusing on five main business areas;
namely business & financial services, tourism, information
technology, healthcare & education and telecommunications. As a
result many more multinational companies have established bases
and headquarters in the kingdom which have created more
employment opportunities and in turn attracted more
international executives and their families to Bahrain.
This influx of foreign residents to the kingdom of Bahrain has
resulted in a thriving rental real estate sector which has
further helped to underpin an already incredibly successful
economy. Recently Bahraini officials began to realize the
potential of the real estate sector if they allowed for foreign
freehold ownership, and this led to legislative and
constitutional changes and the officials have been rewarded for
their foresight by the creation of an incredibly popular and
successful property market.
It's a fact that many of the expats living in Bahrain are now
taking full advantage of their right to own freehold title to
real estate. It is also a fact that there is still an increasing
requirement for quality accommodation to let out in Bahrain and
this is pushing rental rates sky high. Both of these facts mean
that real estate investors have a property market ripe for
exploration in Bahrain with immediate income achievable from the
rental sector and the release and realization of capital
appreciation easy to achieve with a market hungry for completed
resale property.
Therefore real estate investors looking for a market with more
room for expansion than Dubai has, a market as equally popular
with expatriates as Dubai is and a market offering property as
magnificent as Dubai does need look no further than Bahrain.
About the author:
Rhiannon Williamson writes about overseas real estate investment
and specialises in the analysis of property market trends and
opportunities in emerging markets. To read more information
about
property investment in Bahrain click here.
