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Situation No Longer Bleak for Property: BIPEX
MANAMA - Although Bahrain didn’t experience a decline in its macro-economic aggregates, the market environment prevailing over the last several months has contributed to an overall slow-down in the property market, an expert here has highlighted.
An engineer and chairman of the Bahrain International Property Exhibition 2009, or BIPEX, Mohammed Khalil Alsayed, told a Press conference on Sunday that no one can deny that the real estate in Bahrain and the Gulf region has been adversely impacted by the current global economic slowdown, but situation is no longer as bleak as it may have seemed a year a go.
He attributed the improvement in economic situations to regional governments for having taken measures to stabilise that markets, especially real estate market.
The press conference was held to announce the organising of the BIPEX for the sixth consecutive year, under the patronage of Shaikh Khalid bin Abdullah Al Khalifa, Prime Minister’s Court. The exhibition that is organised by the Bahrain Society of Engineers will be held from October 14 to 16 at the International Exhibition Center.
Al Sayed announced that over 80 per cent of the 8000 sq of the exhibition’s space has been sold out. “The slow-down in property market didn’t affect our plan to hold the exhibition as some positive signs of economic improvement have been noticed worldwide.”
He said that the crisis has definitely brought one pertinent fact that the real estate sector in the region is built on a strong foundation and that sentiment in the regional market continues to remain positives. Similar to 2008 exhibition, technical session will be held to be like a forum with topics covering design of real estate projects and panel discussion on affordable housing.
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