Real estate in another Middle Eastern country is emerging in Russian-speaking markets. Following properties in the UAE, Oman, and Qatar, we now have Bahrain on the radar. Just last week, a company from this country even attended an exhibition in Moscow...
Here are a few facts about Bahrain and its real estate.
Foreigners can buy property in Bahrain. However, the buyer will need to pay a 10% tax and a registration fee of 1.5% to 3% to the Survey and Land Registration Bureau. The rate depends on the type and price of the property.
In 2023, you will pay an average of $1,700 per square meter for apartments, which is a 3.5% increase from the previous year. There is a wide price range. Furnished studios in multi-story buildings in the south of Manama (the capital) can cost less than $100,000. On the opposite end, luxury apartments with views of the Persian Gulf in the Janabiya area start at $1 million, or villas on the artificial Amwaj Islands start at $4 million. However, Russian-speaking markets often feature premium real estate...
Since 2022, foreigners can obtain a "Golden Visa" in Bahrain for $530,000. Additionally, the candidate must confirm a monthly income of at least $10,600.
In early 2023, the volume of real estate transactions in the kingdom exceeded pre-pandemic levels. In the first quarter of this year, 6,336 transactions were recorded (a 14.5% increase compared to the previous year).
Bahrain shares its borders with Saudi Arabia, and a significant number of affluent Saudi citizens use the neighbouring state as a "nightclub." Saudis love coming to Manama on Fridays, having fun and enjoying drinks (alcohol is allowed in Bahrain), and returning back by Monday.
In March 2023, hotel occupancy in Manama (essentially the only major city in the kingdom) increased by 4.6% on a quarterly basis. In 2022, Bahrain International Airport welcomed around seven million passengers, twice as many as in 2021.
