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| Bahrain Real Estate Report Q3 2009 |  | Author: Business Monitor International
Publisher: MarketResearch.com
Category: Book
Buy New: $530.00
as of 7/30/2010 06:36 CDT details
Seller: Amazon.com
Format: Download: PDF
Media: Digital
Pages: 77
ASIN: B002JEIPV6
Publication Date: July 13, 2009
Availability: Available for download now
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| Editorial Reviews:
Product Description
In our last report on Bahrain real estate markets we identified the following key issues:
- The general downtrend of property markets in Gulf Cooperation Council states;
- The absolute level of bank lending in Bahrain;
- The continued strong commitment to infrastructure spending;
- A reduction in the clear over-supply of commercial office accommodation;
- Regulatory and legal reforms
- Potential for a return to growth in residential property prices.
Most of these issues remain relevant. Bahrain, in common with the rest of the GCC countries (with thepossible exception of Saudi Arabia), has been affected by the global credit crunch and associatedeconomic downturn. There are nascent signs of improvement in economic conditions in the GCC,although how strong and sustainable these will prove to be is debatable.
Certainly Bahrain’s economy has shown signs of life. Bahrain's central bank has raised the value of itslatest Islamic bond issue by half to US$750mn because of strong demand. The island nation's centralbank had initially offered US$500mn in sukuks, or bonds that comply with Islamic law, but said theissuance was almost eight-times oversubscribed.
In May 2009, the international rating agency, Fitch, reaffirmed Bahrain's long-term foreign currencyIssuer Default Rating (IDR) atA and long-term local currency IDR atA+, both with stable outlooks.
Continuous growth in Bahrain's non-oil sector, as well as enhanced political and economic reforms, weretaken into account by Fitch for the rating reaffirmation.
The immediate impact of the global economic crisis on Bahrain's construction and real estate sectors inany case has been less severe than elsewhere in the Gulf region. Nevertheless, real estate firms report thatconsumer demand in the property market has diminished since January.Nasser al Ahli, head of the Bahrain Real Estate Association, was quoted by local media as sayingproperty prices overall had fallen by 10% to 15% since the economic crisis began with residential pricesdown some 20%.
Two casualties in Bahrain have been the US$1bn (BHD377mn) Salam Beach Resort and the US$300mnBahrain Business Park, which have been put on hold.
First Bahrain, a leading property firm, has also cancelled a US$450mn mixed-use project, which wasplanned for construction in Seef district of Bahrain, because of the economic downturn.
A major trend throughout all our real estate reports is that, mainly as a consequence of the global financialcrisis, access to funding will be more important than usual. Accordingly, we have incorporated overviewsof conditions in the commercial banking sector - both globally and in the region of each country. Wehave also looked at the issues that will drive the fortunes of Real Estate Investment Trusts (REITs) overthe coming months.
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