Bahrain reveals that the real estate transactions during the first quarter of 2023 hit BD243 mn ($641 mn), down 17% compared to last year, Invest-Gate reports. 

According to the kingdom’s Survey & Land Registration Bureau, Bahrain adds that the number of sales transactions for Q1 surged to 7,260, thus registering a 17% growth over last year.

Last year, the kingdom’s real estate sector recorded solid growth, marking its post-pandemic recovery, while real estate transactions surged to BD1.08 bn ($2.85 bn) in Q4 last year, up 3.9% over BD1.04 bn ($2.74 bn) the year before.

The total real estate transactions in the fourth quarter of 2022 stood at 5,659, with a value of BD287.5 million.

Notably, the recovery of the tourism industry in Bahrain in 2022 contributed significantly to the economy’s growth. It has increased the revenues of the hospitality, hotel, and real estate sectors.