We have all globally been through rapid challenges and changes since 2020 until now. Those challenges affected many sectors and projects all around the world including the real estate market. In the Kingdom of Bahrain, the beginning of the pandemic was a bit blurry but because of Bahrain’s medical team’s decisions, we all could adapt to how the whole situation changes from time to another. The real estate market went through hard times and that made us analyze it precisely and study every step we make briefly.
The real estate market requires transparency and credibility among all participated parties in pushing the real estate trading wheel starting from owners and developers to brokers who play a significant role in this market.
This period of time requires transparency and honesty between owners and tenants whether they’re renting a residential or commercial property so they put hands together through this pandemic leading to safety. There is an important role that people who are in the real estate industry should never forget which is the importance of cooperation and putting all of the participated efforts together so they make the development of the real estate sector smooth. The Real Estate Market passed through three main phases that deserve to be examined and analyze what happened in it and what will happen next.
We are now living it and it is during the pandemic, so we are still required to plan and amend this planning in conjunction with all the developments and changes in which this pandemic forces us to deal in a way that was not expected or was not present in the plan. Accordingly, we must put several scenarios in every plan we put. Finally, the last stage, which is after this disease has faded and decreased, there is a list of actions that must be achieved when the pandemic is completely over. What we went through in the first and second stages was full of circumstances and obstacles that did not exist in the past, from which we learned the importance of many things that we neglected or did not need, but became necessary things even after the end of the disease. The most notable thing is the entry of digital technology into the real estate field especially that it saves a great deal of time and effort in completing official transactions and ways of communicating with clients, investors, and companies.
Not to mention the acquired health habits that have become necessary to apply in large projects that contain large groups that would increase the quality of public hygiene and social distancing laws that showed the extent of the danger of not adhering to them during the pandemic. It is expected that these points will be taken into consideration in the upcoming projects.
Despite all the above-mentioned challenges, the Bahraini real estate market is still a pioneer and full of opportunities for development and investment in various commercial and residential sectors, thankfulness to the tremendous efforts made by the Bahraini government in addressing all economic difficulties and obstacles in an orderly manner, which has proven its ability to manage any crisis no matter how difficult it is. Hence, when we mention this pandemic, we should never forget the great efforts made by the Bahrain team, especially the doctors and workers in the front lines who really contributed in showing up every day and night, all in service of saving lives and helping others.
Ammar Al Bossta
Executive Director of House me Real Estate
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