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Social housing sector to grow in Bahrain

Manama, November 13, 2010

The commercial property market is likely to remain quiet in Bahrain and across the region for the next three years. But there will be growth in social housing, infrastructure and areas like healthcare and education, said an expert.

While some projects in the region had slowed down there was a new momentum building in the market, observed Davis Langdon director Paul Bonner.

'There is a change in the market and developers are now doing due diligence before going ahead with projects,' he added.

Langdon was speaking on the sidelines of 'BIPEX 2010 International Property Exhibition' organised by the Bahrain Society of Engineers at the Bahrain International Exhibition and Convention Centre. The expo concludes today.

'A few years ago developers would launch projects without any knowledge of the market. They were selling property off architect drawings. That has changed. Now people are doing research and looking at the market demand and what people actually want,' he said.

'Dubai had a big downturn but Bahrain has avoided that,' said Tilke senior architect Kai Miethig. 'Things are now picking up here but investors are more cautious,' he added.

'We went from slow growth across the region to a boom market,' said Dheya Towfiqi Engineering Consultancy Bureau executive director Dheya Aziz Towfiqi.

'Today finance is a problem because banks are more concerned about investing in property. But the market is still strong and there is demand both in Bahrain and across the GCC,'  Towfiqi noted.

'What we have to do is build to the market needs and to what people actually want rather than what we think we want,' he added.-TradeArabia News Service




Tags: Bahrain | Bipex | Social Housing |

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