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THOUSANDS of people looking to invest in Bahrain attended last week’s four-day ‘Property Arabia 2007’, the second Middle East international property and investment exhibition, at the Bahrain International Exhibition Centre.
The exhibition showcased major current and future real estate developments in Bahrain and the Gulf, along with property and investment opportunities from as far a field as the Far East and Europe.
Bahrain’s property market has not yet peaked and large-scale real estate projects will continue to be developed, according to the country’s Economic Development Board (EDB).
EDB deputy chief executive Dr Zakaria Hejres, speaking as he opened the exhibition, rejected the idea that Bahrain would soon reach its threshold for large projects.
“I heard almost the same argument some time ago: ‘Why are you building so many of these?’,” he said. “Exhibitors are telling us that 60 per cent of their projects have already been taken.
“That means there is so much demand in the market and it is very encouraging in terms of further units being added to the market.
“The noticeable thing is that the concepts of these projects are not the same – they are totally different from each other and that is very encouraging. You keep introducing new ideas and innovations to the market and keep the market lively.”
His remarks were echoed by EDB board member Jawad Habib. “We haven’t yet reached the limit, I think there is still more to be done,” he said. “We are doing two things at the same time – we are replacing old dwellings and we are putting up new villas, so this will continue.
“The population is also increasing at around three per cent annually, which is quite high and as such demand for housing will continue.”
The event featured over 40 exhibitors from around the world. On show were a wide range of properties and property-related services including apartments and penthouses, agents, architects, financial institutions, interiors, hotel and tourism operators, new city and town projects, resort and island properties and waterfront and luxury developments.
Stephen Key, chief executive of Arabian Exhibition Management, said: “Property Arabia 2007 was an ideal opportunity for anyone thinking about investing in property or buying a new home to see what options were available.”
Last year’s event attracted just over 3,400 private and corporate investors, over 30 per cent of which came from outside of Bahrain. Visitors at Property Arabia 2007 were understood to have exceeded 4,000.
For visitors looking for property close to home, the growing number of developments taking place in Bahrain fell under the spotlight.
The majority of major developers and companies active in the kingdom occupied centrepiece stands, giving visitors a unique overview of the many attractive opportunities available on their doorstep.
Participants from Bahrain included Al Fateh Towers Real Estate, Alargan Bahrain, Al Khaleej Development Co. (The Bahrain Investment Wharf, Durrat Al Bahrain Marina, Tala Island and Adhari National Park), Bahrain Aluminum Kitchen, Marina West Development Company, Century 21 Bahrain, DTZ Bahrain (Bahrain World Trade Centre), Emcan - Bahrain and Kuwait Housing & Construction Co., Grnata Group, Landmark Bahrain, Landmark Properties, Mouawad Management & Marketing Co (Reef Island), Reef, Riffa Views and Sakana Holistic Housing Solutions.
“We were delighted to have the support of so many Bahrain exhibitors. Over the last couple of years, the local real estate market has witnessed a great boom. Their presence at Property Arabia 2007 reflected the rapid pace at which the kingdom’s real estate sector is growing,” Mr Key added.
Other exhibitors came from Malaysia, South Africa, Saudi Arabia, the UAE, Kuwait, Thailand, Germany and Portugal.
Many of the regional exhibitors who were in attendance also provided marketing plans and direct sales for international real estate companies and projects outside the GCC, and offered investment opportunities in the UK, Syria, Pakistan, Jordan and Egypt amongst other countries.
