The Ministry of Information noted that nationals accounted for 90% of real estate transactions in the country. Despite the apparent drop in influence on the market by speculators, the country’s real estate market has nevertheless slowed due to the economic crisis. Considering its small population, the Bahraini authorities appear to have adopted a reactive stance, waiting for overall market conditions to improve before making any decisive policy changes.
Updates & Milestones
Manara Developments unveiled Nurana, a $1 billion waterfront reclamation mega project with 60% of the project site allocated for residential units. In addition, it has announced the development of Kenaz Homes, a plan for 75 semi-detached houses that will be sold exclusively to GCC and Bahraini nationals.55,56
Marsa Al Reef, a waterfront project spanning 2.6 million square meters that will offer residential, retail and leisure elements, was announced in April 2009.57
Eskan Bank’s planned Seef Garden project has been postponed indefinitely. The project was to bring 670 apartments and 42 villas to the market.58
First Bahrain postponed its 21,000-square-meter development in Seef district, which was to have featured commercial and residential towers, a five-star hotel, and serviced apartments.59
The $2.65 billion Uptown Bahrain project, which was due to start construction in Q1 2009 and was to become the new commercial and residential hub of Bahrain’s Seef area, has been put on hold indefinitely.60
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