Unprecedented boom in Bahrain housing market

Asteco said that an indication of the huge international interest in Bahrain was due to the fact that its recent project, the iconic 45-floor Sukoon Tower, saw an overwhelming response from buyers, with 118 of the 592 apartments being sold out in just one day.

The 45-floor Sukoon Tower, launched only last week, is a freehold luxury residential tower being developed by Tashyeed Properties and is located in the Bahrain's Juffair area. The development is due for completion in 30 months and consists of 592 apartments, ranging from studios to three-bedrooms.

Andrew Chambers, Managing Director of Asteco, said that the success of Sukoon Towers sales further demonstrates the huge interest among the international community in Bahrain's real estate boom, boosted by the Kingdom's excellent freehold regulations and infrastructure. "With Bahrain having sound legislation governing freehold property, international investors are confident of achieving better returns on their investments," he pointed out.

Asteco, the exclusive sales representatives for Sukoon Towers, has so far sold over 118 of the 592 apartments and Andrew Chambers, Managing Director of Asteco, said that he was confident of total sell-out very soon. He added that most of the early buyers were individual investors who explore timely and real value investment opportunities.

"The successful launch of several significant developments indicates Bahrain has emerged as the hottest property destination for regional and international investors," he said. "As a company that closely monitors the market, Asteco sees tremendous potential in the demand for residential property, especially from residents who live in Bahrain and work in Saudi Arabia."

Asteco is the exclusive sales representative for a number of residential and commercial properties in Bahrain including Marina West.