How is the leasing Industry in Bahrain currently? What is the impact of Covid-19, on the leasing Industry in 2020?
The real estate market is going through challenging times across the globe due to the COVID-19 and Bahrain’s real estate is no different. The leasing segment prices in Bahrain, have undergone a correction because as many people have lost their jobs and had deductions in the allowances. However on overall if the prices are adjusted, there is still a good appetite.
We have maintained across Royal Ambassador Property Management portfolio to achieve over 85% occupancy, while we achieved in Fontana series an average of 90% occupancy, which is a phenomenal achievement considering the current market challenges.
How did the property management firms and owners respond to the COVID situation?
Most of the property management firms and owners were proactive and prepared for the impact of COVID-19 on the market. Most of the firms have taken necessary measures in terms of cleanliness and following the guidelines set by the Ministry of Health in the Kingdom of Bahrain. In addition property management have understood the market challenges and adjusted the prices accordingly.
What can be expected in the New Year, is the leasing industry to rebound?
Every New Year brings in new aspirations, and positivity along with it and we hope 2021 would be no different. We are expecting things would be much better once the Causeway opens, while vaccination reaches a wider population. All these are factors that contribute to the changes happening in the real estate market in Bahrain.
How is the demand for the leasing of luxurious properties?
We have developed strong in-house Digital Marketing capabilities and third-party listing platforms have enhanced the way we present our properties to the customers. We have launched a new website for Royal Ambassador while benchmarking international practices with property listings adding value to tenants. What differentiates one property from another and what are the luxury five-star hospitality services we offer that tenants now consider as a major factor when making a decision where to live.
Many tenants earlier couldn’t afford luxurious properties are able to grab the opportunity of newly adjusted prices, offers, to elevate their lifestyle standard.
This consumer behaviour is most noticeable when it comes to luxurious properties because the properties have an edge of brand value, reputation and quality services.
What are the factors consumers are looking into while leasing property in Bahrain?
Location is the major factor for customers, most of them prefer to rent in an area with close proximity to their workplace, their kids’ school, and location with good convenient day to day necessity needs retail places. However, consumers are equally looking into facilities, service standards, maintenance of the building, customer support, and if the environment is family-friendly.
Overall take the leasing marketing
Expecting that 2021 would be a better year for the market, with a new Bahrain International Airport opening and the government proceeding with new large scale projects.