Exhibition participants evaluate BIPEX and the performance of their industry this year
Last month, Arabian Homes participated in the 11th Edition of Bahrain International Property Exhibition (BIPEX), from 1 to 3 November at the Bahrain International Exhibition Centre. Jed Francisco talked to several event participants on what they hoped for at this year’s BIPEX, their insights on the new RERA regulations being implemented, and what they think of the property industry’s performance this year.
Mohammed Khalil Alsayed
“Despite the very challenging market that we faced this 2018, I believe the BIPEX exhibition emerged quite successfully. It has managed to attract a number of major developers locally and internationally – from Cyprus, Kuwait and the UK, to name a few.
“Overall, I can say that the property industry in Bahrain has always been a healthy sector and is consistent in witnessing annual growth. With the introduction of the new RERA directives, the industry will become safer and more competitive, giving investors and developers the confidence to spend and capitalise in the ever-growing real-estatemarket in the country.”
Eman Al Manai
Sales & Business Development General Manager at Royal Ambassador Premiere Property Management
“Every year, BIPEX gives us a guarantee that Bahrain is always, and by far, the best market for real estate in the GCC region. Additionally, the government recently announced that the property sector will have ‘Zero VAT’ and this will be a very competitive point against all our neighbouring countries.
“With the establishment of RERA this year, it has helped us a lot in promoting Bahrain as a real-estate destination of choice. The investors’ confidence is bolstered and that resulted in a remarkable increase in sales and direct investments from international countries.
“Overall, the sector is thriving most especially for those people who develop properties well. This sector is not just about building; it’s about maintaining. The companies and projects who fulfil the requirements of RERA and know how to sustain their properties (towers) are always on the top.”
Jameel Khalaf Al Alawi
The Bahrain Society of Engineersí Director of Conferences
“This year’s BIPEX is a bit challenging, especially for us organisers. However, we’ve seen a lot of participants, developers and exhibitors showing great interest in promoting their brands as well as Bahrain’s overall real-estate sector.
“From an organiser’s point of view, it is evident that the participants are utilising BIPEX as their venue for disclosing the latest developments and updates on their various projects, and I think it’s a good thing since this is one of the primary objectives of BIPEX.
“We are trying to do our best to improve BIPEX from one year to another; finding different ideas and new concepts to incorporate into the exhibition. Next year, we look forward to bringing in more international participants especially from the Gulf region.”
Ameen Al Arrayed
CEO at Edamah
“This is the first time that Edamah, the real-estate investment arm of Bahrain’s government, has taken part in this grand exhibition and we are very pleased to be one of the participants here.
“I think we really have to look into the property industry in terms of different segments. This year, the industrial segment and social housing segments are doing really well. On the other hand, the high-end luxury segment is suffering a little bit as a result of oversupply. As a company, Edamah is focused on identifying the segments that we feel have the strongest growth and we pursue projects on them.
“One of the challenges with real estate is that the development cycle is sometimes one to three years, and within those three years, you can expect a lot of changes to happen. The ability to adapt and shift along with the changing times is crucial in the industry. Sticking to a single business model is risky. Developers should be willing to adapt and diversify a little bit in terms of their upcoming projects if they want to prevail.”
Jawad Abdulla Ali
General Manager at Alforsa Real Estate
“I’ve noticed that BIPEX 2018 doesn’t have that many exhibitors unlike before, but there are a lot of significant projects being promoted for the upcoming 2019. I think the event will unfold successfully despite some notable changes.”
Katherine De Castro
Division Manager at Housing Properties Development
“A lot of people have high expectations for Bahrain’s property industry this year. However, realistically, the market is quite besieged with a lot of challenges, which is why overall sales are not that high.
“Despite this situation, we expect to see Bahrain’s property market rise up again especially now that RERA has already come to standardise and regulate the industry.”
Sales and Marketing Director at Era Projects
“Last year’s BIPEX had some good feedback for us and we expect to receive much more this year. We are not promoting any projects at the moment; we are here to showcase our brand as a property developer. However, we are currently working on two projects in the pipeline; one is Era View, located in Al Fateh highway, and another one is Era58 in the Diplomatic area.
“There is a do-or-die system currently going on in Bahrain’s real-estate market but, overall, significant improvements are very apparent, and a lot of developers continue to survive despite facing many challenges.”
General Manager at Britania Homes Real Estate
“It is my first time to attend BIPEX and I’m excited to see a lot of participating companies, some of which come from international markets like Dubai and London.
“From my perspective, Bahrain’s real-estate industry this 2018 is very challenging because of the recent economic slowdown affecting the whole region. However, I look forward to seeing a better and far more thriving real-estate environment next year.”
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