Last week we announced our very own Property Grand Prix and how we will follow this year’s Formula 1 circuit around the world looking at the respective local real estate market. With the Bahrain event just gone on the 6th April, race results have been celebrated with plenty of champagne and a victorious result by the Ferrari team.
The first three to cross the finish line in Bahrain were:
- Felipe Massa (Ferrari)
- Kimi Raikkonen (Ferrari)
- Robert Kubica (BMW)
There was plenty of action as always during the race and Formula 1 enthusiasts would have enjoyed every second.
Much like the Formula 1 circuit is a prosperous affair with millions of dollars involved, so is the Bahrain property market. Back in January this year we did a global review in which we also touched on a 1.6 billion health island development.
Regardless of where we look, Bahrain seems to enjoy an affluent cycle in which everything seems to fall into place. Just look at the success of the near sell out (70%) of the Sukoon Tower in the very first week it was made public.
The boom is apparent when you look at the My Bahrain site’s latest news regarding the Kingdom.
Bahrain’s largest shopping and entertainment center is set to open their doors on September 1st 2008 and all eyes are looking on in anticipation at the massive BD25 million development. Predicted to attract over 15 million shoppers within the first year of trade, the development will be a major factor in the thriving local economy. Stretching over 150,000 square meters and occupying three levels, the center will incorporate two international hotels managed by Kempinski.
Known as one of the worlds top leading free economies, Bahrain offers more than impressive real estate to its residents. With great communication technology and a liberal tax law, Bahrain is very appealing for businesses and investors alike.
It is a friendly and modern place that makes new arrivals feel instantly welcome.
Saudis are the number one owners of Bahrain’s real estate with nearly half of all the properties owned by foreign nationals being owned by the Saudis.
Finance companies have also set their eyes on the Kingdom after the Bahrain Chamber of Commerce released their asset figures last year. In 2006 the total asset figure stood at BD18.6 million and last year this figure rose to a massive BD28.1 million.
This clearly indicates that the boom is still alive and kicking with many projects estimated for completion for the next 5 years.
We are sure that we haven’t heard the last from this small nation.
