SLRB Head HE Shaikh Salman Bin Abdulla Bin Hamad Al Khalifa has said property activities in the Kingdom significantly contribute to economic development and are considered among the most important economic tools contributing to the national economy.
The property market attracts major property development projects and the market has seen major projects and undertakings being carried out by Gulf and foreign businessmen and investors, in addition to ownership and investment by citizens.
He said the market is witnessing fast growth, and this is in line with the remarkable growth rates achieved by the Kingdom, with total value of investments in the property market in Bahrain standing at BD 619,307,829 until the fourth quarter. The government has played a significant role in improving the market by introducing legislation regulating the sector.
In addition, reducing fees for registration, which was made by virtue of a decree issued by His Majesty the King on 29 May 2006 cancelling fees for housing loans, encouraged citizens and investors to register their private properties without any delay, unlike in the past.
Commenting on the results so far achieved, Shaikh Salman said the results achieved until the third quarter of the year 2006 show continued growth in the property market in Bahrain, with the total value of properties traded during the period from January until September 2006 standing at BD 619,307,829, against BD 403,475,315 during the corresponding period of 2005, an increase of BD 215,832,514, with the month of June recording the highest growth rates.
As regards the properties traded in the governorates, the Capital Governorate won the highest percentage of properties traded, accounting for 40%, followed by Muharraq Governorate with 24% and the Northern Governorate accounting for 20% and then the Central Governorate with 8% and finally the Southern Overate with 7%.
As regards the properties traded by GCC nationals and foreigners during the past period of this year, they represented 8% of the total properties traded.
The total number of properties traded by GCC nationals and foreigners until the third quarter of 2006 stood at BD 49,769,717, against BD 35,908,222 during the corresponding period of the previous year. Saudi investors took the lion's share against other nationalists, accounting for 64% of the total number of properties traded by GCC and foreign nationals.
The number of properties traded by Bahraini nationals accounted for 92% of the total number of properties traded.