9,333 people in Bahrain find dream homes through Mazaya Social Housing Finance scheme
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
People who had found their dream homes through the Mazaya Social Housing Finance scheme from 2014 to October this year had touched 9,333, says a new statistics by the Ministry of Housing. The ministry also said it registered a steady increase in the number of beneficiaries this year, where houses bought through the scheme reached 2,822, a 50% jump from 1,691 beneficiaries recorded a year ago. “This points to the increased confidence people have in the project,” said the ministry. The government, the ministry said, spent around 78.5 million dinars to support the beneficiaries from 2014 to October 2021.
The ministry also said it is experiencing healthy competition and increased interest from commercial banks in the Kingdom to finance projects offered through the Mazaya programme by providing exclusive offers for purchasing residential units or apartments. “This is also having its impact on the development drive of the Kingdom,” the minister pointed out.
“The economic impact on the development of the real estate market alone is one billion dinars since the launch of the programme. “It is also reflected in construction, contracting, retail, banking and other sectors,” the minister stressed.
The sales pattern
Housing units account for 88% of the total sales in the Northern Governorate, where the remaining 12% accounts for ownership apartments. In the Muharraq Governorate, villas account for 90% of the total sales and apartments the remaining 10%.
Meanwhile, Villas dominate 100% of the sales in the Capital Governorate. However, in the Southern Governorate, apartments manage 71% of the sales and villas 29%.
The highest percentage of those preferred housing units were in the Northern Governorate at 58%. Closely following was Muharraq with 30%, Capital with 5% and Southern with 5%. Regarding salaries of beneficiaries, 41% are getting paid BD600 - BD700 per month, 27% BD701 to BD800 and 5% between BD1101 and BD1200.
The minister further said they are expecting an increase in the beneficiaries by the year-end. To apply, log on to the webpage or mobile app of the Ministry of Housing or national portal Bahrain.bh.
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