Bahrain: 57 000 People Waiting for Affordable-Social Housing
With the events that shook the world in 2008-2009 and subsequent 2011 uprising, Bahrain real-estate sector saw drying of the liquidity followed by a real-estate downturn. Aaref Hejres, Managing Director of DIYAR AL MUHARRAQ, explains the current situation in the real estate sector.
Bahrain has announced it is to build 57,000 units over the next five years, using funding from the GCC’s US$ 10bn fund allocated to Bahrain.
Over the years the list of families looking for affordable housing has grown exponentially. Currently there are more than 57,000 people in Bahrain on a waiting list for social housing. Aaref Hejres, Managing Director of DIYAR AL MUHARRAQ, explains the situation in the social-affordable housing.
He explains: “The government of Bahrain’s forecasting has given this huge attention and care, and they are working hard to solve this problem but I think this problem is bigger than what the government can solve on its own. So we’ve been talking with the Minister of Housing for some time now.”
The plans are in motion to establish a partnership between the private sector and the Ministry of Housing to solve this problem. Recently they signed a Public Private Partnership agreement with one of the companies. There are expectations that more agreements to be signed this year.