Bahrain residential rentals resilient in Q3: CBRE
Reef Island saw an average occupancy of 95% across rental properties
Residential demand for leased accommodation in Bahrain has remained buoyant with rentals broadly stable in the third quarter, says CBRE.
The real estate advisory noted that expatriate areas such as Sar, Budaiya and Jasra in the north west of the country witnessed a surge in demand over the third quarter, with many compounds achieving full occupancy.
“Perhaps predictably, there has been a decrease in the level of Saudi Arabian oil-related companies securing executive staff accommodation. However, tenants working within the non-hydrocarbon sector appear to be covering this shortfall up to this point,” commented Steve Mayes, Director, Middle East Research, CBRE Bahrain.
Places such as Reef Island, which provide mostly apartment accommodation, continued to see demand grow with the average occupancy across rental properties at 95%.
Reef Island Resort, which is due to open in 2016, will provide luxury villa accommodation and facilities for both the short and long term market says CBRE.
Other areas like Juffair have not seen any increase in rental rates across residential classes although demand has remained strong supported by the American Naval Base housing requirements.
The report notes that in terms of new projects, Kooheji contractors are in the final stages of construction for Fontana Gardens which has been fully sold on a freehold basis, while Fontana Suites has also generated interest from buyers.
