Qatar Real Estate News
Doha-Manama Causeway likely to trigger property boom
Developers in Bahrain are awaiting completion of the Doha-Manama Causeway in 2013, as they are confident that there would be a real estate boom during that period, and the demand for property by expatriates are likely to increase.
The property developers in Manama are highly focusing on affordable housing, and there are several apartments with a minimum of 77 square meters that are of the offer for as low as QR7000 per square meter.
Middle-income expatriates in Qatar can hope to purchase apartments in Bahrain for investment purposes or for personal use, as the units of housing range from as low as QR500,000 with banks offering long-term soft mortgage loans.
There are about 15 to 20 high-rise residential towers under construction in Bahrain, with apartments being sold on freehold basis, and residency visas are issued for 99 years at a stretch unless an owner transfers or sell a property. Bahrain also permits to carry on business on a 99-year residency visa, a developer said, who wishes to take part in the mega real estate exposition, held at the Qatar International Exhibition Center.
A Kuwaiti investment company, developer residential property for expatriates in Bahrain, said that it would focus on middle-income users, who were long-time expatriates from Qatar and GCC states.
The Manama-Doha Causeway will draw the attention of several Indians, Pakistanis, Britons and Americans based in Qatar and other GCC nations, who would purchase properties in Bahrain when the causeway opens in 2013.
Expatriates in Qatar are also free to seek mortgage loans for properties in Bahrain. The first phase will include 253 apartments, with 85 percent already sold off. The maximum price per square meter in this project is equivalent to QR9000, as opposed to average prices of properties for foreigners beginning to QR15,000 per square meters.
The apartments in the first phase of MJM project will be ready for occupancy by 2012, and then the title deeds will be handed-over to owners.
Posted on 4/6/2009
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