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Bahrain\'s Real Estate Market Hot on the Heals of Dubai
The popularity and success of the real estate market in Dubai is well documented; but in sharp contrast Bahrain - which is one of the Middle Eastern property markets with the greatest potential - is little known and often overlooked. Bahrain has a small but well establish luxury real estate market; and recent changes to legislation allowing for foreign freehold ownership of property within certain real estate developments in Bahrain has created a surge of investor and consumer interest in the kingdom.
The kingdom of Bahrain has long been home to a large expatriate community, with expats mainly heralding from the UK, Europe and the US. Expatriates living in Bahrain generally enjoy an incredibly high standard of living, substantial tax free income and an inimitably luxury lifestyle - and the type of accommodation they seek has become the iconic style of real estate now for sale to foreign purchasers. Indeed, the real estate developments where foreign freehold ownership of title is allowed in Bahrain epitomize quality and opulence. In recent years Bahrain has been working hard to diversify its economy away from oil by focusing on five main business areas; namely business & financial services, tourism, information technology, healthcare & education and telecommunications. As a result many more multinational companies have established bases and headquarters in the kingdom which have created more employment opportunities and in turn attracted more international executives and their families to Bahrain. This influx of foreign residents to the kingdom of Bahrain has resulted in a thriving rental real estate sector which has further helped to underpin an already incredibly successful economy. Recently Bahraini officials began to realize the potential of the real estate sector if they allowed for foreign freehold ownership, and this led to legislative and constitutional changes and the officials have been rewarded for their foresight by the creation of an incredibly popular and successful property market. It’s a fact that many of the expats living in Bahrain are now taking full advantage of their right to own freehold title to real estate. It is also a fact that there is still an increasing requirement for quality accommodation to let out in Bahrain and this is pushing rental rates sky high. Both of these facts mean that real estate investors have a property market ripe for exploration in Bahrain with immediate income achievable from the rental sector and the release and realization of capital appreciation easy to achieve with a market hungry for completed resale property. Therefore real estate investors looking for a market with more room for expansion than Dubai has, a market as equally popular with expatriates as Dubai is and a market offering property as magnificent as Dubai does need look no further than Bahrain. Rhiannon Williamson writes about overseas real estate investment and specialises in the analysis of property market trends and opportunities in emerging markets. To read more information about property investment in Bahrain click here.
Bahrain blaze survivors to sue firmDubai: The survivors of Sunday's labour-camp fire in Bahrain, in which 17 Indian workers lost their lives and nine were injured, have decided to file a class action civil suit against their employer, the Royal Tower Construction Company. The survivors have refused to go back to work unless the company improves their living conditions, according to a report in the Gulf Daily News newspaper.The case would be in addition to criminal charges that are expected to be pressed against the company, the report quoted India's Ambassador to Bahrain Balkrishna Shetty as saying.The workers' case could lead to payout of hundreds of thousands of Bahraini dinars by the company to the workers, he said."Investigations are now under way by the public prosecutor to ascertain whether there was criminal intent and charges are expected to be filed in a few days," Shetty told a press conference. read more. Wright favours Ganguly's selectionDubai: Amid speculation of a comeback by Sourav Ganguly to the Indian team, former coach John Wright has said the record of the former captain made a case for his inclusion in the one-day side.The ex-New Zealand skipper, currently in the eye of a storm over his just-published book 'Indian Summers', has also emphasised that he enjoyed a "steady" relationship with the Bengal batsman and there were no differences between them.Asked in an interview, which appeared in 'Gulf News' today, if he felt Ganguly still had a chance to make a comeback to the national team, he said: "I believe he is a great cricketer with more than 15,000 international runs and one who has given Indian cricket a certain direction."It will be great if he can make it." On his relationship with Ganguly, Wright said, "See, we had worked for more than four-and-a-half years and I believe we had a steady relationship."We are in a position where if he (Sourav) comes to Christchurch, he can think of having dinner at my residence while I can think of the same when I am in Kolkata. read more. Grand Hyatt DubaiI drove up to one of Dubai's newest luxury hotels, the Grand Hyatt Dubai, with it's towers majestically standing watch over the edge of the emirate's historic creek. The hotel is a combination of resort facilities, luxury hotel guest rooms and suites, residential apartments and I'm told, one of the most advanced conference centres in the Middle East, all set within a lush oasis of 37 acres of landscaped gardens. The hotel claims it offers a first for a Dubai hotel - the concept of a city resort which includes first-class recreational facilities such as a Zen-inspired Grand Spa, tennis centre, indoor and outdoor swimming pools and jogging track set, and yet the hotel is situated close to the city centre, and just minutes from Dubai International Airport. The property has 674 hotel guest rooms and suites, luxuriously appointed and classically-styled, each providing ultra-modern digital technology and communications. read more.
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