Ali Al Ghasra
Carlton Real Estate
We were delighted to hear that the Government of Bahrain recently announced a $30 billion strategic projects plan to be invested across various sectors in Bahrain’s national infrastructure. The projects carrying the most significant capital investments are expected to thrive Bahrain’s economy in terms of its post-pandemic economic recovery plan.
With the aim of strengthening ties with its neighbouring countries, the plan will feature 22 projects across different sectors in Bahrain, providing residential, logistical, and touristic facilities. The projects will increase Bahrain’s land development ratio by almost 60 percent (as recently announced by government sources) as a result of the creation of five new cities. Other projects include the construction of a sports city and an international exhibition and convention centre which is expected to be amongst the largest conference cities in the Middle East. In addition to a series of resorts in the southern part of the Kingdom to boost visitors and tourism. These projects will be complemented by a metro network linking around 109 kilometres of land supported by sea and land fibre optic technology investments.
The real estate sector in Bahrain is expected to grow as a result of the strategic projects plan. This growth will provide opportunities for the real estate companies in Bahrain to reengineer their services to cater for the increasing number of large-scale residential and commercial projects in Bahrain to attract investors from the region, particularly from Saudi Arabia and Kuwait. The continuous cooperation between the Real Estate Regulatory Authority (RERA) and the various stakeholders within the real estate and financial sectors of Bahrain, will help contribute towards the realisation of the plan.
Considering the increasing market size and varieties, real estate companies will require a variety of specialised skills; companies will have to rise up to the demanding requirements of the plan to provide specialised and professional services in investment analytics, feasibility studies, market research, credit assessment and financial modelling and structuring.
The traditional approach of sales and marketing will not be sufficient enough in the coming years. Real estate companies will have to restructure their marketing strategies to support online transformation which will need to focus more on social media platforms, websites and mobile applications. Companies will also have to focus on their brand-building strategies in terms of digital identity, in order to distinguish themselves as innovative real estate service providers in the market. There is also a great need for specialised research in real estate, which would allow for the availability of more meaningful data and increased transparency in this field. Hence, better enhancement opportunities in the real estate sector in Bahrain.
We see the opportunity in Bahrain’s strategic projects plan as it will give the real estate companies the potential for expansion and growth by providing investment and other real estate services in a wider and more mature market.
This article was published as part of the seventh edition of Property Finder Bahrain’s Trends Report.