Wednesday 23 September 2020

Bahrain’s real estate sector 'gaining momentum'

MANAMA, May 13, 2015

Momentum is building up in Bahrain's real estate space with pent up demand for new real estate coming to the surface after a five-year hiatus, Kuwait Finance House-Bahrain managing director and chief executive Abdulhakeem Al Khayyat has said.

Talking to the Gulf Daily News (GDN), our sister publication, on the sidelines of the Gulf Property Show being held in Bahrain, he said the fact that sector is much better regulated now with developers and investors including banks having invested in good corporate governance and better due diligence was also helping.

“The Central Bank of Bahrain is making sure that the banking system is sound and the government is also coming up with good regulations with regard to real estate projects and offering,” he said.

“Now there is good legal framework to ensure that projects take the right course, and there is adequate protection for buyers, stakeholder and banks."

“We are in the right direction in terms of the legal and the regulatory framework and the banking practices have come a long way,” Alkhayyat said.

According to him, banks now don't provide funding for speculators, they have to be really secure and ensure that cash flow is there. - TradeArabia News Service

Tags: estate | real | momentum | gain |

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