Almost a year after one of Bahrain's biggest symbols of being a financial powerhouse is open, it seems that not even half of it has been taken up yet.
Half of BFH towers yet to be let out
HALF of Bahrain Financial Harbour (BFH) is still unlet, it was revealed yesterday.
It could be a year until the current towers are fully let, according to the Bahrain Financial Harbour Holding Company and Financial Centre Development Company managing director Dr Omer El Mardi.
Isn't this a little worrying? You would expect that a development on the scale of the BFH would be gobbled up by willing suitors, and would have people fighting over office space, considering it is the 'most-prestigious' address in the country. But no, it turns out people aren't as willing as thought to be, which begs for a question; what about the other gazillion developments going on in the country?
Besides the BFH, office towers are springing up left, right and center; are these ever going to fill up? Or at least have enough tenants to justify their being? This and the World Trade Center isn't ready yet, and Bahrain Bay is still in it's mid-stages of development, as well as the coming stages of the BFH. Sure, it's all going to look nice and pretty when it's ready, but we sure seem to be on the brink of a bit of a disaster here.
And not only that; the residential developments going on all over the place are getting to the point where it's just, silly. Amwaj, Abraj Al Lulu, Marina West, and so on. Will these ever be occupied? Right now they're being bought and sold from (mostly non-Bahraini) investor to investor, rising in price as each investor makes a few dollars and passes it on. But whose the final buyer, who actually wants to live in these developments? Is there a final buyer? Are the people who would like to have some sort of residence (your local Bahraini's) actually able to afford these ridiculous prices? Already now the prospect of a house is out of reach of your average Bahraini, and if they don't have one already, they're pretty much screwed.
Looking a few years down, things don't look so bright. Way to go Bahrain.
More on similar issues:
Now BNP Paribas Moves in
Moving Too Fast