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FINANCIAL NEWS
Bahrain H1 rental rates drop 25%
03 Oct 2011
(MENAFN) Knight Frank, the property broker, said that due to the political upheaval, in 2011’s first six months, rental rates in Bahrain dropped 25 percent with the average rate at USD3,183, reported Arabian Business.
The broker added that during the period, the average pricing for apartments was USD2,095 per square meter whereas villa rates dropped to USD1.658 per square meter.
It also said that office rents fell sharply, where prime rates declined by 11 percent reaching a monthly rate of USD23.86 per square meter, moreover, regions that were the most affected by the unrest included Saar and Budaiya in the north west, which were known to be popular destinations for upper-income migrant families.
It is worth noting that according to a report by property consultancy firm CB Richard Ellis posted in April; expatriate families in the gulf kingdom were relocating from central areas to quieter neighborhoods, in an attempt to escape future upheaval.
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