Dr Al Qaed opening the Gulf Property Show at the Avenues.
The Gulf Property Show at the Avenues, the mall edition of the Northern Gulf's leading boutique showcase for the real estate and property development sectors, opens its doors today (November 24) amidst Bahrain’s steady return to normality from the global pandemic.
The four-day event was inaugurated by Bahrain Tourism and Exhibitions Authority CEO Dr Nasser Al Qaedi on behalf of Zayed R Alzayani, The Minister of Industry, Commerce & Tourism and BTEA Chairman, said the event organisers Hilal Conferences and Exhibitions (HCE).
Gulf Property Show at the Avenues will be Bahrain’s first property-focused event in two years as the nation slowly recovers from the global pandemic and follows the kingdom hosting a highly-successful Jewellery Arabia.
The event will run until Saturday (November 27) and its hours will be in line with the opening and closing times of The Avenues Mall, one of Bahrain’s top leisure and entertainment destinations.
"When we launched the Gulf Property Show in 2013, we started with a simple vision, to create a dedicated event promoting real estate, property developments and related services in Bahrain for the Gulf and the wider international market place," remarked Jubran Abdulrahman, Managing Director of HCE.
"Today, the Gulf Property Show is recognised as a brand with a reputation for providing a real estate
platform strong on sales and investment opportunities for both exhibitors and visitors," he stated.
It will be one of the very first in-person events to be held in Bahrain after the opening of businesses post-Covid lockdown.
The exhibition has attracted the strategic sponsorship of Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, and GFH Properties, the real estate arm of GFH Financial Group.
Naseej, the Mena region’s first fully-integrated real estate and infrastructure development company, is a gold category sponsor.
According to HCE, while they manage a successful event, this success brings great responsibility.
"We are aware of the extra pressure on the real estate companies to achieve sales in the present economic climate. That is why we consider ourselves to be partners with the real estate sector," said Exhibitions Director Ahmed Suleiman.
A division within the Al Hilal Group, HCE has evolved out of Hilal’s established expertise as an exhibition organiser. The Group, which previously managed the Kuwait International Trade Fair and Gulf Construction Exhibition, has now established a dedicated conferences and exhibitions division.
"HCE sees its role as support marketeers. The show aims to target investors from Saudi Arabia, Oman, UAE and Kuwait, apart from Bahrain, through its dedicated marketing campaign online, print and through social media," he added.
According to experts, Bahrain’s recent announcement of a new national economic growth and fiscal balance plan with the aim of enhancing the economy’s long-term competitiveness and supporting the post-Covid-19 recovery will benefit the vital economic pillar of the real estate sector as it looks to bounce back quickly.
The total value of real estate transactions in Bahrain reached BD717.4 million ($1.9 billion) in 2020. The Survey and Land Registration Bureau (SLRB) reported that real estate transactions rose by 36 per cent year-on-year, reaching BD226 million.
The forecasts for 2021 - 2022 looks bright as Bahrain’s National Real Estate plan for 2021 - 2024 gears itself up again, to increase the sector’s contribution to the national economy.
The plan includes five initiatives and 17 projects, including laws and regulations, long-term plans and operational initiatives for developing the real estate sector.
In addition the catalyst of over $30 billion of investments in strategic projects and the creation of new
industrial investment areas across the kingdom will spur the revival of the real estate sector, stated the experts.
Mixed-use major real estate projects in the kingdom will exceed $12 billion in value. Bahrain is a multidimensional marketplace that enables investment in a diverse range of properties that offer opportunities for a live, work and play lifestyle, they added.
According to a recent CBRE report into the Kingdom’s real estate sector “Bahrain is increasingly a tenant-led market, Apartment rents in Bahrain have dropped by an average of 2.4 percent in the first quarter of the year compared to the previous quarter.
The benefits of the economic stimulus will contribute to an increase in demand for rental residential
property, it added.-TradeArabia News Service