EVOLVING REAL ESTATE MARKETING IN BAHRAIN


Maged Haqbaz
Chairman
Haqbaz Real Estate

The Kingdom of Bahrain is taking confident and balanced steps towards stable political, economic and development levels under the leadership of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad bin Isa Al Khalifa, Crown Prince and Prime Minister.

The existing economic stability is evident according to an insightful vision that promotes growth based on sustainable development plans for all sectors, including the real estate sector.

Bahrain is constant with its legislations and regulations that keep pace with global development in the administrative, financial and technological aspects; not to mention the fact that the Kingdom encourages freedom of commercial and residential ownership in real estate, which has turned Bahrain into a top destination for foreign direct capital investors that are looking for safe and stimulating markets for investment. 

The Kingdom of Bahrain encourages freehold ownership allowing citizens and residents to own apartments, as well as commercial/service offices, and encourages banks and financial institutions to finance the real estate market. These facilities reflect the kingdom’s support for the market and its assistance in providing high-quality real estate products, as well as achieving the objectives of achieving feasible investment returns.

During the COVID-19 crisis, the market faced many challenges, but it has passed the most dangerous phase, due to the aforementioned commendable government efforts, which resulted in the market entering the recovery stage with valuable lessons learned from previous stages and conditions. This stage will witness great opportunities as a result of the refrain of many investors around the world from spending their money on investment projects during the pandemic, and this constitutes a bright window that can benefit the real estate market.

In current market conditions, we propose to unify the governmental and private efforts to attract global investors to work on marketing real estate opportunities and facilities in the Kingdom of Bahrain on a large scale, making Bahrain a global destination for investment.

These opportunities can only be exploited by uniting everyone and developing the quality of real estate products thus presenting them in a way that competes with other regional markets.

On the other hand, real estate companies need to invest in research and development as well as new marketing techniques to expand their opportunities in reaching external leads to catch up with the growing Bahraini real estate market. The advertising presence of real estate companies in the new digital media is limited to apartments, villas, sales opportunities and rental vacancies. We do not find much creativity and innovation in real estate marketing that competes with other sectors such as telecommunications and banking, and this makes us ask ourselves, why is our sector behind on such marketing techniques?

At the same time, we find that we need cooperation between everyone to develop unified mechanisms and strategies in which we can work on new marketing and promotional methods for our real estate products in a more comprehensive way that keeps pace with the development in existing projects and those under construction.

We live in a society where security and law prevail and are governed by an environment that encourages development, creativity and investment. From this point of view, all companies in the market must harness their potential for expansion and investment, taking into account the diversification of real estate products and looking at the new cities and islands that will be added to the development projects in the Kingdom of Bahrain that have already been announced at the end of 2021.

We are blessed to have access to all these facilities and services in the homeland, which provide all development opportunities for those who want it and have the ambition and drive that will lead them to achieve their goals.

In the end, we look towards the future with optimism, renewed determination and strenuous grit to walk in steady steps that see continuous development and improvement, in light of the availability of a supportive environment and the appropriate tools to create a future that matches the aspirations of Bahrain Vision 2030.

This article was published as part of the seventh edition of Property Finder Bahrain’s Trends Report.