Housing and Urban Planning Minister, Amna bin Ahmed Al-Rumaihi, has stressed the Ministry's support for all policies and initiatives aimed at increasing the supply of residential real estate that matches the value of housing finances provided to the citizens, whether through the government land development rights programme or the distinguished partnership with real estate development companies and real estate brokers in the Kingdom.
The minister was speaking during a panel discussion hosted by the Ministry of Housing and Urban Planning with a number of real estate companies in the Kingdom. The participants discussed the provision of residential real estate at prices that match the value of financing that is provided to the citizens, including units, land plots and flats.
The panel discussion is part of a series of periodic meetings held by the Ministry with real estate companies since the inauguration of new housing financing scheme in August 2022.
Minister Al-Rumaihi reviewed the positive results yielded by the housing finance scheme in a short period of time, highlighting its ability to meet a large number of the citizens' housing demands.
She unveiled that the scheme has contributed to the growth of real estate trading rates, reaching 14.5% during the first quarter of this year, as housing finance provided the purchasing power to a large segment of citizens, stressing the importance of maintaining such an accomplishment by increasing the supply of real estate that is suitable for the beneficiaries of housing finance.
She affirmed the Ministry's readiness to receive all proposals and remarks of the real estate development companies in the Kingdom, noting that the ultimate goal is to increase the number of real estate options offered at reasonable prices.
She added that the Housing and Urban Planning Ministry has made progress in implementing the government land development rights programme, which will provide units at reasonable prices.
In this regard, she shed light on the pilot phase of the programme represented by the Lawzi project, which provides 132 housing units for the beneficiaries of the housing financing scheme.
Al-Rumaihi noted that the Housing and Urban Planning Ministry plans to increase the number of events that attract the citizens to learn about the financing and real estate services that suit them, calling on real estate companies to positively participate in these events in order to achieve the desired results.
Source: Bahrain News Agency