Bahrain is not Dubai.
The Dubai property market was directed mainly to expats who mainly took out loans to purchase the properties.
The Bahrain property market is directed mainly at Saudis who tend to purchase things differently.
Property prices in Bahrain are somewhat influenced by Dubai, but don't hold your breath for a free fall, which may occur in Dubai.
As for renting, I seriously doubt that droping property prices will effect rents by much. Not an Arab thing.
As for buying property anywhere in the ME right now. As been said in other threads:
Not even with your 10 ft pole. 