Bahrain project sees increased demand
Manama, October 19, 2009
Marina West, which plans to be Bahrain’s largest gated beachfront residential community, has seen an enormous increase in demand for its apartments immediately after Ramadan, said its chairman.
“Marina West buyers were waiting for the local impact of the global crisis to become clear which we started to witness straight after Ramadan,” explained Mahmood Janahi.
“The number of visitors and potential clients interested in Marina West enormously increased, up to ten apartments were sold during September, as a result we were trying to manage continuing our work on site without any major delay, which assured clients and investors who committed that they made the right investment,” Janahi added.
The financial crisis has hit Bahrain’s property market, however, there was no sharp decline because of its modes growth rate according to local real estate and the major real estate developments in Bahrain have been largely backed by Islamic banks, and have not suffered, for the most part, from the credit crunch, Janahi said.
“It has been noticed that all buyers nowadays are purely end users, ‘first home buyers’, who bring their family along with them to chose the option and make the decision, plus they tend to select larger units for their kids and family to reside in the project,” Janahi continued.
He concluded: “Sixty is the total percentage of sold units of the entire development as seven residential towers were released on different sales phases since the launch of the project (March, 2007).”
“The remaining three unreleased towers are going to be offered once the project is completed.”
Comprising 345,000 sq m of residential, retail and leisure space, Marina West will be Bahrain’s largest gated beachfront residential community, said a statement.
A 15-month construction and development programme will be completed by last quarter of 2009. Eleven towers will accommodate luxury apartments, duplexes, simplexes, penthouse suites and townhouses, and more than 7,000 sq m of space will be devoted to a full range of leisure, recreation and entertainment facilities.
Alongside these will be a marina, private beach and an extensive high quality retail offering. – TradeArabia News Service