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Bahrain Real Estate Market Review H2 2024
Transaction performance trends continue with select market segments demonstrating resilience
February 25, 2025 10 Minute Read
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Key Takeaways:
- Bahrain’s GDP is expected to have grown by 2.4% in 2024, according to Oxford Economics, down from an earlier forecast of 3.0%, a -0.6% variance from 2023. This has been driven by a resilient non-oil sector, which is forecasted to have expanded 3.2% and accounted for 86% of total GDP.
- According to data from the Survey & Land Registration Bureau (SLRB), a total of 24,863 real estate transactions were registered in 2024, a -4.8% decrease year-on-year.
- Average sales rates for residential apartments were reported at BD684 per square metre, down -1.6% in H2 2024 as compared to 2023, having remained broadly unchanged in H1, as per analysis of RERA’s transactional data. However, the dynamics for villas were slightly more positive, with sales rates rising 1.8% year-on-year against 2023.
- Average occupancy at CBRE’s set of 21 tracked retail centres remained relatively steady from H1 to H2 2024, with a decrease of just -0.15% to 68.8%. The highest occupancy rates continue to be seen at Bahrain’s destination malls, such as Bahrain City Centre and The Avenues.
- Retail supply growth in 2024 was recorded at 12.7% across all shopping centre categories. Recorded average rental rates have remained flat from H1 to H2 2024, following a decline of -4.2% from the previous year.
- Average office rental rates decreased marginally during H2 2024, with Grade A & B office rates sitting at BD5.1 per square metre per month across tracked locations.
- H2 2024 saw 4.7 million passengers travel through Bahrain International Airport, an increase of 1.5% as compared to H1. This brought the total passengers for 2024 to 9.4 million, an overall increase of 7.3% year-on-year.
- The Ministry of Tourism has promised to deliver twelve new hotels and an additional 3,000 keys by the end of 2026. The total number of 5* hotel room keys increased by 9.5% from 2023 to 2024, or close to 600 keys, with a further 4.4% growth anticipated during 2025.
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