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PROPERTY developers are pulling out all the stops to reignite the housing market and spark renewed interest from investors into the Bahrain dream.
Abu Dhabi Investment House (ADIH) is leading the charge by readjusting its pricing policy and now has freehold apartments available at one of its prestige developments for a snip at BD40,000.
Established in 2005 by a group of prominent bankers, businessmen and investors from the Gulf region ADIH recently announced a net profit of $5 million for last year at a time when many rival companies have struggled to complete projects leaving many nervous buyers and potential investors looking on in alarm.
Ahmed Habib, its head of sales, said: "Our projects are still in top form. There is no denying that the economic crisis has affected everyone but we have taken the necessary steps to keep us in good shape.
"Our philosophy is to be realistic and offer the public realistic prices with the aim of steering the market along the right path.
"You have to give the correct pricing for the market. Everyone has taken a hit from the financial crisis and today people want a bargain.
"It's simple - keep your inflated prices and don't sell ... or correct your prices and continue your projects."
Mr Habbib says this competitive pricing philosophy has ignited 'tremendous feedback' in recent weeks, particularly around its Al Areen and Sunset Hills developments which have also been boosted by recent announcements of increased investment plans for the area.
"We are offering competitive prices that you may not find elsewhere in the current freehold market," he said. "We are talking about apartments for BD40,000 to BD120,000 which is extremely reasonable when it comes to freehold investment opportunities."
Sunset Hills is a mix-use development located in the southern gateway of Al Areen. The land was designed for residential use with an element of retail to serve the local community.
About 50 per cent of the project has been sold and is set to be completed by the end of the year. It will feature deluxe villas as well as one, two and three bedroom apartments.
"The Al Areen area is coming on quickly with many attractions underway, such as the Sofitel Hotel, the move of the Exhibition Centre and F1 spin-offs which will help bring the neighbourhood together.
"The area will change as a result of the Bahrain 2030 vision policy and it will become a vibrant and densely-populated district in the next 20 years. We are offering long-term opportunities for expats at prices which will likely increase later on.
"At the end of the day, we want people to know that affordable housing is within their reach. We supply Grade A developments in Grade A locations. We have many great freehold purchasing opportunities and now customers realise the prices and payment plans available are particularly desirable."
He added that Porta Reef in Seef and the Lagoon in Amwaj Island projects were also creating a buzz around the island.
The Lagoon is Bahrain's first Mediterranean-style outdoor mall comprising of retail, restaurant and business spaces of which 60 per cent have been sold and 23 per cent have been leased.
Porta Reef is a sea-front freehold residential development located in Seef nearby the Bahrain City Centre and Bahrain Financial Harbour. Set against a scenic backdrop of uninterrupted sea views, the trio of residential towers offer penthouses and two and three bedroom apartments. The towers are set to be completed within a month's time with 85 per cent already sold.
"The Lagoon and Porta Reef for example have been creating quite a stir with property buyers and retailers due to their fantastic locations and quality designs," said Mr Habib.
"We want the public to know that we are committed to the completion of these developments and we are offering great freehold packages for expats that are very competitive in today's market."
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