Property: Huge drop in residential sales in Bahrain
Estate agency DTZ says that residential property sales in Bahrain have fallen by more than 50% in the past year.
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In addition to sales, rentals have also fallen significantly, the company says with some districts seeing a 15-20% drop from a peak at the end of 2008.
And the situation is not expected to improve rapidly: there are as many as 23,000 apartments under construction with completion planned within the next two years.
And, says DTZ, the retail sector is due to see an increase of 80% in available space and as much as 90% in the office sector by the end of 2012.
DTZ say that enquiries for office space have fallen by 23% and more than a quarter of a million square metres of planned office space has been cancelled or delayed so far this year.
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