Bahrain Real Estate Market Review - Q2 2023
August 15, 2023 15 Minute Read
- Bahrain’s real estate transactions volumes for Q2 2023 increased 7.1% YoY, with a 16.7% decrease QoQ.
- In the office sector, rental rates remained stable. Vacancy rates reduced marginally to 26.3% according to CBRE’s figures, the lowest since 2019.
- Average quoted residential apartment sales rates remained stable YoY, with apartment rates unchanged and a softening of 0.2% for villas. Rents continued to trend upwards YoY with quoted apartment rents increasing by 4.6% and quoted villa rents increasing by 7.3% YoY.
- According to the BTEA, Bahrain International Airport welcomed over 4 million passengers during the first 6 months of 2023, up 43.2% from the same period in 2022.
- STR figures showed hotel occupancy in Manama increased by 11.2% YoY, up 5.2% percentage points, from 46.1% to 51.3% in the year to date to June 2023. ADRs increased marginally, at 1.8%, whilst RevPARs increased by 13.1% YoY in the same period.
- CBRE’s bi-annual retail occupancy survey, recorded an increase of 3.6 percentage points, raising the figure to 70% across tracked properties, while average rental rates showed a decline by 4% in the year to June.