MANAMA: The real estate market in Bahrain is stable and rumors about the steep fall in prices are not based on facts. Bahrain’s real estate sector will continue to be safe for developers and investors, a top official at the $700 million project said.
Mahmood Janahi, managing director Marina West during the on site visit yesterday told reporters that the realty correction may be true about Dubai market where developers sold BD6000 per square meter compared with BD1,100 per square meter in Bahrain.
“At Marina West early birds even got BD800 per square meter which is now around BD1,100 per square meter and this price is a value for money. Bahraini market is stable as is already on the lower side within the GCC (Gulf Cooperation Council) in terms of prices of the projects. However, the correction phenomena will not affect the realty sector in Bahrain but due to the less demand there will be no upcoming major development in 2009,” Janahi added. “Bahrain’s economy is booming and the real estate market is witnessing an unprecedented growth; there has never been a better time to invest in real estate and Marina West presents an unparalleled opportunity to own your very own luxury apartment on the beach,” he added.
