TUESDAY, MARCH 9, 2021 05 ’s economic growth on an upward trajectory: report TDT | Property Finder also reported ability in the Capital Governo- The report also points out that also says that approximately Apartments sale: Median a decline in rental unit prices rates. “Newly available stock Bahrain is on its way to becom- 7,500 freehold apartments will Sales Price Per SQ FT ahrain’s economic growth in all governorates, excluding may have driven up the average ing a mature, more transparent hand over in Bahrain in the next will chart an upward tra- Capital, citing advertised prices. price in the area.” buyers’ market, “as opposed to a five years. “Interest in freehold Bjectory this year, confront- Capital governorate witnessed Pandemic affected sales in the market that is focused heavily on apartments is increasing, and as Community 2020 2019 % ing global headwinds, helped by a price increase of 16% in the av- four governorates of the King- rentals,” citing increased interest RERA continues to play a role in difference increased investments, a new erage price for rental units when dom in 2020 when compared in the sales sector. regulating prices and sales pro- 471 505 -6.8% report predicts. comparing 2019 with 2020. to the prior year. “Recorded the The report also highlights cesses,” the report adds. 640 673 -4.9% “Overall, 2021 will be a year The report attributes the in- highest decrease of 16% in Mu- that the pandemic made way The report also highlights where economies will return crease to a 40% rise in the avail- harraq,” the report adds. for many first time buyers in the that buyers were eager to take 1,345 1,411 -4.7% to growth, especially as Bah - Kingdom as prices become more advantage of decreased prices 752 734 2.4% rain resumes normal operations Apartments rent: Median Villas for rent: Median affordable and within reach. in the market, with first-time Dilmunia Island 685 688 -0.5% once again,” said Property Find- Monthly Rental Price Monthly Rental Price “With the causeway closed buyers jumping on the wagon Diyar Al 1,169 1,222 -4.3% er, a leading online real estate off, and external investment, not last year. Prices in locations like Durrat Marina 709 783 -9.5% platform in the and Community 2020 2019 % Community 2020 2019 % an option, purchasers within Durrat Marina and Reef Island difference North Africa. difference Bahrain were able to take ad- dropped from BD 783 to BD 709 Hoora 754 741 1.8% Adliya 400 440 -9.1% Janabiya 489 483 1.1% “With a calmer political situa- Adliya 950 1,000 -5% vantage of this downward price per SQFT and BD 1,010 to 901 per tion in the region, and a clearer Al Hidd 350 375 -6.7% trajectory, with some securing SQFT, respectively, between 2019 682 733 -7% idea of the pandemic and the Al Hidd 900 900 0% their first real estate investment and 2020. Amwaj 500 550 -9.1% Manama 789 787 0.2% direction it is taking, investment Avenue Al Jasra 1,400 1,400 0% in the kingdom,” the report adds. Even though the market for Reef Island 901 1,010 -10.7% in Bahrain is expected to grow, Amwaj 1,250 1,300 -3.8% freehold-villas gained some trac- Amwaj 500 500 0% Avenue on both the residential and com- Islands Apartment, villa rentals tion in Bahrain, buyers are now 417 453 -8.1% Amwaj 1,300 1,400 -7.1% mercial segments,” the report Amwaj 500 550 -9.1% Islands According to Property Finder, looking for the most affordable Saar 500 503 -0.6% citing the latest trends in the Marina in Dilmunia Island, the adver- offers, the report adds. Amwaj 1,250 1,300 -3.8% 833 897 -7.1% sector explains. Busaiteen 350 360 -2.8% Marina tised monthly prices dropped Sales in Riffa decreased from Property Finder, in the report, from BD 500 to BD 450 as high- BD 657 per SQFT to BD 544 per Dilmunia 450 500 -10% Barbar 820 800 2.5% also expects the economy to re- end projects in the development SQFT between 2019 and 2020. Villas for sale: Median turn to growth as the businesses Exhibition 350 380 -7.9% Budaiya 650 900 -27.8% needed a shift in price strategy In Sadad, prices dropped from Road Sales Price Per SQ FT return to normality. Busaiteen 900 900 0% to keep demand alive. Juffair BHD494 per SQFT to BHD451 per The report describes 2020 as Hamala 670 700 -4.3% Diyar Al 750 750 0% reported a drop from BD 550 to SQFT between 2019 and 2020. Muharraq Community 2020 2019 % a year of struggle with prices re- Hoora 350 350 0% BD 500, as owners and landlords maining unstable in all markets Durrat Al 1,400 1,450 -3.4% tried to lure in new tenants lo- difference Janabiya 450 450 0% Bahrain and sectors globally. cally. Al Hidd 617 654 -5.6% 450 500 -10% Galali 900 850 5.9% Economies worldwide have Juffair Interestingly, in Riffa Al Shar- Amwaj Islands 675 700 -3.6% Hamala 1,200 1,300 -7.7% been affected, with the real Mahooz 450 475 -5.3% qi, the advertised prices rose Bu Quwah 500 584 -14.4% estate industry witnessing the Janabiya 950 1,000 -5% from BD 260 to BD 280 between Reef Island 890 950 -6.3% Busaiteen 625 705 -11.3% same, the report adds. Jannusan 900 1,300 -30.8% 2019 and 2020. The report, however, observes Riffa Al 280 260 7.7% The villa rental sector also re- 627 594 5.4% Sharqi Juffair 1,100 1,200 -8.3% that the Kingdom managed to corded a downward price trajec- 421 427 -1.3% Saar 425 450 -5.6% Mahooz 1,000 1,000 0% tide over the repercussions, tory when compared to 2019. Bu- Galali 621 665 -6.7% Seef 550 600 -8.3% Riffa 800 875 -8.6% helped mostly by an $11.4 billion daiya recorded a price decrease 439 441 -0.6% stimulus package. Tala Island 550 570 -3.5% Saar 900 1,000 -10% from BD 900 to BD 650 in 2020 “The stimulus helped King- from a year ago. The same was Janabiya 554 563 -1.6% The Lagoon 550 600 -8.3% Sanad 600 650 -7.7% dom softened the blow to a cer- the case with Jannusan, where Riffa 544 657 -17.1% Tala Island 1,600 1,600 0% tain extent, also supported by a Tubli 300 325 -7.7% advertised prices dropped from Saar 586 561 4.4% Tubli 1,000 1,000 0% rise in fin-tech,” said the report. Um Al 450 500 -10% BD 1,300 to BD 900. Sadad 451 494 -8.6% “This is supposed to help the Hasam Um Al Hasam 1,000 1,000 0% Property, villa sales Khaled Al Saeh, Country Manager, Sanad 587 519 13% Kingdom stabilise in the coming Zinj 400 450 -11.1% Zinj 850 1,000 -15% years,” the report added. Property finder, citing reports, Property Finder Tubli 548 575 -4.7% Golden Gate project gets a new lease of life Tender Invitation Bahrain Chamber of Commerce & Industry (BCCI) invites specialized companies with experience in designing and implementation of virtual conferences, to submit their proposal for the following: RERA says reached a “comprehensive and equitable” Tender Title Tender Initial Tender solution to resolve the project issues Document Fee Bond Closing Date Organizing International The RERA CEO said that a Sunday Women’s Entrepreneurial BD 100/- solution was agreed to give buy- BD 2,500/- st Buyers wishing to Challenge virtual conference (Non-refundable) 31 March 2021 • ers two options - either to con- (IWEC 2021 conference) 01:00 P.M. retrieve amounts paid tinue with the new developer in full amount” should or to recover their full amounts. access RERA’s website “Those wishing to retrieve Guidelines for the submission of bids: through the Golden the amounts paid in full, can 1- Collect the tender documents (RFP) from the Finance Affairs Department in the 4th floor of Bahrain access RERA’s website through Chamber of Commerce & Industry headquarters in Sanabis (Bahrain Chamber Building), effective from Gate buyer’s system the Golden Gate buyer’s system 10th March 2021 until 24th March 2021 after paying the tender documents’ fee in favor of Bahrain and upload all the and upload all the required doc- required documents uments.” Chamber of Commerce & Industry. Sheikh Mohammed added: 2- Documents to be enclosed with the bids: TDT | Manama “Preserving the funds of buyers • The initial bond as per the above table should be in the form of certified cheque, bank guarantee, or and investors is a success that proves the effectiveness of the insurance policy valid for the duration specified in the tender document. eal Estate Regulatory Sheikh Mohammed bin Khalifa bin measures taken by RERA.” • A copy of valid Commercial Registration Certificate for the current year, and copies of any other Abdullah Al Khalifa, the RERA CEO Authority announced As per Law No. (27) of 2017, documents specified in the tender document. reaching a “comprehen- the authority said it intervened R • A copy of valid BCCI membership. sive and equitable” solution for on. promptly to “prevent any stall- the Golden Gate Project, whose “Therefore, the project will ing in the real estate develop- 3- All the documents submitted with the tender should be stamped with the company’s official seal. licence was earlier suspended resume as agreed with the pre- ment projects, maintain proper 4- Offers must be submitted in sealed envelopes subscripted with the title of the tender and addressed by RERA citing violations. vious developer, in compliance functioning, and protect the to the CEO of Bahrain Chamber of Commerce & Industry. They should be deposited in the tender box Sheikh Mohammed bin Khal- with all the requirements,” said rights and funds of buyers and ifa bin Abdullah Al Khalifa, the the RERA statement. investors.” available in the Finance Affairs Department (4th floor, East wing) before the closing date and time. RERA CEO, said the new devel- “The main priority for RERA The 140,000m2 project fea- 5- This invitation form is part of the tender document. opment comes following Al was to preserve and protect the tures 746 apartments over two 6- For more details, kindly contact us on: 17380013 or Hidd Real Estate LLC of Grnata interest of all parties including 53-storey and 45-storey towers email: [email protected] Group submitting all required developer, buyers and inves- overlooking the Gulf of Bah- financial guarantees to carry tors,” Sheikh Mohammed said. rain.