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