IMPACT OF THE GOLDEN RESIDENCY VISA ON BAHRAIN’S REAL ESTATE MARKET

Dr. Maher A. Aziz Al Shaer
Managing Director
Eagle Hills Diyar

In October 2021, the Kingdom of Bahrain launched a new national economic growth and fiscal balance plan, which was followed by the launch of the Golden Residency Visa program in February 2022 as part of a plan that works to further contribute towards enhancing the Kingdom’s economy.

The Golden Residency Visa was the essential next step to support the government’s post-pandemic recovery plan and works by attracting foreign investors into the Kingdom, rewarding existing investors and long-term residents who have significantly contributed to the Kingdom’s growth over the years.

The Visa provides flexible and longer-duration visas to foreign investors and entrepreneurs who have been residents of the Kingdom for over a certain number of years, or those who own properties valued at above a certain amount. The Visa also acts as a retainer, allowing the Kingdom of Bahrain to become home to highly talented individuals who have considered Bahrain their home for several years, adding tremendous value to the local economy.

Through the introduction of this Visa, the Kingdom opened its doors to further enhance various sectors, especially the real estate sector, which received the largest share of attention. With several qualifications required to attain the visa, the drive to invest in the Kingdom’s real estate peaked, resulting in a sudden increase in real estate transactions across Bahrain. As real estate developers, Marassi Al Bahrain witnessed a sudden surge in the sales of our projects, resulting in one of our projects, Marassi Shores, completely selling out.

The launch of the Golden Residency Visa has been a serious game changer, offering the Kingdom a key competitive advantage against other markets. Aside from the above-the-line benefits that investors gain from residing in the Kingdom; from its business-friendly nature to its rich culture, the Golden Residency Visa also allows investors to invest in a fast-growing economy, providing them with an opportunity to grow and evolve with it.

Following the high demand witnessed by the real estate market from the launch of the Golden Residency Visa, Marassi Al Bahrain has played an essential role in attracting additional investors to the kingdom. The ideal development has been continuously contributing to the sustainable economic growth of the Kingdom of Bahrain. Being a part of Diyar Al Muharraq, a progressive master-planned city, the Marassi Al Bahrain development offers investors a diversified portfolio of residential projects comprised of quality homes and high-end shopping, leisure and entertainment outlets to cater to the needs of the local and regional market.

Throughout the years, Marassi has attracted significant investments from across the region, stimulating business and economic activity in the local retail and real estate sectors. As demand continues to increase following the launch of the Golden Residency Visa, we plan to leverage this opportunity to grow and further expand our project offerings by adding facilities catered to meet the fast-evolving current market needs. Having said that, we are also focused on developing our existing projects and further enhancing the Kingdom’s existing portfolio to match the sector’s rapid development.

Bahrain has long been known for its well-established business infrastructure, which has continuously been a major factor in attracting investors to the Kingdom. As we witness the real estate sector’s continuous growth and development, we are motivated to be a part of its bright journey towards further growth, expanding our reach to support the Kingdom’s fast-growing business environment.

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