Former Bahrain Society of Engineers (BSE) president Mohammed Khalil Al Sayed said this is in addition to the $7bn worth of similar projects already ongoing.
'Reports from prestigious sources, including the Middle East Economic Digest, have suggested Bahrain is an upcoming destination when it comes to property development,' said Mr Al Sayed.
'The price stability in Bahrain, in comparison with the double digit inflation in some other countries in the region, is another advantage. Topping all this is the favourable government policy environment driving growth and the private sector in all sectors of the economy,' he added.
'Bahrain has truly emerged as an integrated economy with its various sectors, whether in government e-services, manufacturing, oil and gas, construction and real estate or financial markets, tourism and public services encompassing health, education and training.'
On top of this the outlook is good for the Fifth Bahrain International Property Exhibition (BIPEX) 2008, to be held at the Bahrain International Convention and Exhibition Centre from October 23 to 25.
The event is being held under the patronage Premier's Court Minister Shaikh Khalid bin Abdulla Al Khalifa and is regarded as a major showcase of the myriad real estate and infrastructure developments both from the region and outside.
Mr Al Sayed, who is on the organising committee, said this year's event would not only highlight upcoming projects in the region, but also offer real estate developers and agencies a chance to gauge the demand and address the needs of tentative buyers.
This includes providing them with information about finance, taxation, returns on investment, conditions for resale, transfer tax on inherited properties. 'This will be in addition to specialised services like management, renovation, insurance of properties and tax consultancy services for overseas holdings,' said Mr Al Sayed. He said about 60 per cent of the total exhibition area has already sold out.
BSE president Abdul Majeed Al Gassab Gulf said direct investments in international real estate are expected to grow by nearly 38pc this year and reach $20bn from the $14.5bn level achieved last year. He said within a decade the GCC commercial real estate market had been transformed into a global market.
