General report for the actual financial results for the properties trade during the third quarter of the year (January-March 2006

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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.

 

Details

2006

2005

Difference

%

Remarks

Total number of transactions

12,640

11,856

784

107%

---

Total value  of property transactions

619,307,829

403,475,315

215,832,514

153%

---

January-June

399,451,894

278,334,774

121,117,120

144%

---

July

122,760,667

77,622,761

45,137,906

158%

---

September

47,720,386

22,421,302

25,299,084

213%

---

Highest percentage of traded properties in the Governorates of the Kingdom

247,742,984

-

247,742,984

---

Highest percentage in the Capital Governorate

Traded properties by GCC and foreign nationals

49,769,717

35,908,2222

13,861,495

139%

Highest percentage for Saudi nationals

Percentage of Traded Properties by Bahrainis to Foreigners

569,538,112

367,567,093

201,971,019

92%

Traded properties by Bahrainis represent 92% against 8% for foreigners

 

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