Bahrain launches $2bn housing finance scheme
Manama, October 24, 2013
Bahrain has allocated $2 billion budget for a five-year pilot housing plan to reduce waiting lists, said Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa.
The new social housing finance scheme was launched yesterday (October 23) with the signing of an agreement between the Housing Ministry and private sector, reported the Gulf Daily News, our sister publication.
The project, inaugurated by Shaikh Khalid, gives eligible applicants the option to move off the housing waiting list and buy a house either off-plan from an approved list of private developers, including Eskan Properties, Naseej, Manara Developments, Diyar Homes and Al Saraya Properties, or ready-made from the developer of their choice.
Purchases will be financed through an agreement between the ministry and four participating banks: Ahli United Bank, Al Salam Bank, Bahrain Islamic Bank and Kuwait Finance House.
The project is a new initiative by the ministry in partnership with the private sector in the five-year housing plan and aims to reduce waiting lists for residential units and diversify options for citizens to obtain homes at their preferred locations.
The agreements were signed by Housing Minister Bassem Al Hamer and representatives of the banks and real estate developers.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and senior officials attended. – TradeArabia News Service
More Construction & Real Estate Stories
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed