Bahrain realty at 3-year high

Bahrain’s real estate sector surged to a 3-year high of BD448 million ($1.164 billion) in 2013 and is projected to gain pace in 2014, an official report showed on Tuesday.

The sector’s value added accounted for nearly 3.6 per cent of the Gulf country’s GDP in current prices, the central information organisation said in a report published by the Bahraini Arabic language daily Al Wasat.

A breakdown showed the sector value added stood at BD110 million ($286m) in the first quarter, BD112m ($291.2m) in the second quarter, the same value in the third quarter, and BD113m ($293.8m) in the fourth quarter.

“The sector’s value added in current prices last year was higher than in 2012 and 2011 but remained below the 2010 value of BD449m ($1.167bn)…the real estate sector is projected to be higher in 2014,” the report said.

Follow Emirates 24|7 on Google News.