Spotlight on Bahrain: Will the Grand Prix Boost Bahrain Property?
Major international sporting events are renowned for not only putting an area onto the map, but also building tourism and increasing property prices. So could this also be the case with the Bahrain Grand Prix, which is taking place this weekend, from 4th to 6th April?
Bahrain started hosting the F1 Grand Prix back in 2004, beating off other contenders such as Egypt and the United Arab Emirates, and has quickly become one of the largest sporting events to take place in the Middle East. In fact, last year all tickets for the three day event completely sold out and crowds from across the world gather for their chance to see the world’s best drivers in action at the Bahrain International Circuit.
The event is no longer just about motor racing either - it’s also recognised as being a big social and business networking opportunity. This year there have been two extra days tagged on in front of the Grand Prix dedicated to hosting the first ever Motor Sport Business Forum Middle East, involving major decision makers and leaders in the commercial motor sport world.
Interest in the Bahrain Grand Prix over the last few years is already believed to have triggered an interest in property here. There are several new developments springing up and, although property experts admit it’s generally not a market for UK buyers wanting a second home, it is more tailored towards the buy-to-let and expat market and there’s a good core of local residents to market a property towards.
Two current off-plan developments in Bahrain include the Marvida Tower one bedroom freehold investment properties and the two bedroom apartments at the Abraj Al Lulu development, in the centre of the city of Manama.
It is possible for overseas buyers to apply for residency in Bahrain if they want to, renewable every five years, and mortgages are also possible for non-nationals. With international companies having offices based in the area, there are a growing number of expats in the area - some figures suggest as many as 70% of the local population are expats.
So, if you’re tuning in to watch the 2008 Gulf Air Bahrain Grand Prix this year, spare a moment to consider the property investment potential too. We assure you this is no April Fool’s joke this time!
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