Pankaj Mishra
General Manager
Tilal Towers
The pandemic will have lasting effects on how people live, work and play.
In 2022, we are looking back at how the real estate market has evolved due to the challenging pandemic and how it has pushed us to create opportunities in an unfavourable situation.
For example, with in-person visits being deemed “unsafe” or “unadvisable”, we noticed the strength in digital marketing and social media promotions as a useful sales tool during this period.
In addition, we look to retain occupancy by introducing flexible payment plans, lowered rental rates, increased/added services and rent to own options. These are just a few of many examples of how we look to adapt, evolve and improve our strategy moving through the COVID-19 pandemic.
With the new developments surrounding Amwaj Island, we have seen renters and owners take advantage of the hype by reducing rental rates as much as 25 percent to 30 percent over the past two years and it seems the new rates are here to stay, making Amwaj Islands a lot more attractive than its surrounding areas. I mean who wouldn’t want to live on an island, with well-maintained roads and walkways, secure apartments and beautiful scenery. There is no doubt that the area has charisma.
With the development of the new Manama causeway that will link Diyar Al-Muharraq to Sayah and Bahrain Bay, we will see a reduction in traffic and travel time to/from the business hub of Bahrain to the likes of Diyar, Amwaj Island, Marrassi and the surrounding areas. With that being said, why wouldn’t one want to invest in these areas and take full advantage of the current rates.
In 2018 the RERA Regulations pushed the real estate sector to provide and improve on the quality of services offered. So, we have focused on combining real estate and hospitality, which has shown desirable results.
We must applaud the efforts made by the government of the Kingdom of Bahrain, who implemented a number of new measures in order to support not only its citizens but expatriates too, during the pandemic measures such as suspending water, electricity and municipal bills within the year 2020. Another measure was by the Central Bank of Bahrain who allowed the freezing of loans without interest for a period of time.
Support however was not only shown by the government of Bahrain but by its people, expats and various companies who in their own way stood together to support each other through the unexpected hard time. Telecommunication companies showed their support by giving free internet for a period of time within the year 2020 and reduced rates on internet and service packages.
As we look towards the future, we embrace the fact that our world is evolving and in-process presenting new and exciting opportunities. So, our mindset remains fluid and adaptable. Together with the Kingdom of Bahrain we strive to achieve the Economic Vision of 2030.
“Don’t wait to buy real estate, buy real estate and wait.”
This article was published as part of the seventh edition of Property Finder Bahrain’s Trends Report.
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