Sustainability, Fairness and Competitiveness. The Real Estate Market and the 2030 Economic Vision of Bahrain

Master's Thesis from the year 2015 in the subject Economics - Case Scenarios, grade: Distinction, University of Manchester, language: English, abstract: Real estate, amongst key market sectors, can be described as the backbone to an economy, whereby it comprises of the infrastructure where all other sectors can operate. Therefore, in the design of a national vision, real estate becomes the base for progress and economic development. This research paper investigates the contribution of the real estate market towards meeting the three main principles of the 2030 economic vision set by the Kingdom of Bahrain. To start, an overview of Bahrain's current market conditions is provided, as per collected secondary data, with a particular focus on real estate activities. Following the market overview is a detailed study of the concepts of sustainability, fairness, and competitiveness, as they form the base principles of the Bahrain economic vision. The study included the pertaining theories for each concept, followed by an application of how they would manifest in the real estate context. Finally, a comparison is devised between the actualisation of such principles in mature markets versus Bahrain, with a highlight of gaps and overlapping practices, where applicable. To follow, primary data gathered through interviews with prominent real estate practitioners in Bahrain, shows the perceptions on real estate trends and the implementation of the vision principles, confirming a notable gap between current and potential market conditions. Reasons for these gaps have been explored within the interviews and as based on literature reviews, addressing both the limitations and opportunities for the prosperity of the real estate sector. Finally, the concluding chapter suggests real estate practices which could bridge such gaps, towards achieving market fairness, sustainability, and competitiveness. The objective here is to further enable the role of the real estate sector as a major contributor to national wealth and meeting the ambitions of the 2030 Economic Vision, which aim to diversify the economy away from oil dependency, enhancing productivity, and improving living standards.