Monday 21 January 2019

Real estate firm offers Bahrainis property abroad

MANAMA, September 8, 2014

A regional real estate firm has launched operations in Bahrain offering what it claims is a first-of-its-kind opportunity for retail investors.

"We acquire land, houses and apartments in the US, UK and Spain and after refurbishment offer them up for sale to buyers here," HMG Real Estate's regional director Mohammed Al Aradi told the Gulf Daily News (GDN), our sister publication.

"We operate as a fully-managed property service company, handling all the necessary document work till the handing over of the title deed, including managing the property."

The company has a capital of $100 million and its portfolio includes nine projects in the US, seven in Spain and five in the UK including student accommodation.

Buyers of properties are promised yearly net rental returns ranging from seven per cent to 12 per cent, for periods ranging from two to five years, depending on the location, he said.

"All our properties are in prime locations and are carefully selected."

According to him, the company has taken care to ensure its product offering is Sharia-compliant.

A housing unit in the US can be had for a minimum investment of BD20,000 ($52,725), whereas a plot of land in that country would cost a minimum of BD6,000.

"I would tell potential investors that even if they were to take a loan which carries an interest charge of nine per cent, they would still net three per cent gain on the 12 per cent returns that many of our properties offer," he said.

HMG's next big project is a 500-plot residential complex in the US with a mosque and a halal food centre. It will be offered to investors next month.

The company is also planning to acquire properties near hospitals in Germany which are frequented by GCC nationals for treatment.

"Morocco is another location for which we are seeing rising interest from GCC investors," Al Aradi said.

Within the next one year, HMG plans to invest BD8 million to develop a residential tower at Amwaj Islands, which will be its first project in Bahrain.

The Bahrain office of the company is on the third floor of the Platinum Tower in Seef District. It will have a team of 12 property advisers on call to handle queries. - TradeArabia News Service

Tags: US | property | Spain | UK | estate | real | HMG |

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