Housing Ministry, real estate companies discuss ways to provide housing services to citizens

Manama, May 15 (BNA): The Minister of Housing and Urban Planning, Amna bin Ahmed Al-Rumaihi, affirmed the ministry’s support for all policies and initiatives aimed at increasing the supply of residential real estate that is commensurate with the value of housing financing provided to the state. Citizens, whether through the Government Land Development Rights Program 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. Participants discussed the issue of providing residential real estate at prices commensurate with the value of financing provided to citizens, including units, plots of land and apartments.

The panel discussion comes within the framework of a series of periodic meetings held by the Ministry with real estate companies since the launch of the new housing financing scheme in August 2022.

Minister Al-Rumaihi reviewed the positive results achieved by the housing financing project in a short period, stressing its ability to meet a large number of citizens’ housing requests.

She revealed that the scheme contributed to the growth of real estate trading rates, reaching 14.5% during the first quarter of this year, as housing finance provided purchasing power to a large segment of citizens, stressing the importance of preserving this achievement by increasing the supply of suitable real estate for beneficiaries of housing finance.

She affirmed the Ministry’s readiness to receive all proposals and observations of 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 Ministry of Housing and Urban Planning has made progress in implementing the government land development rights program, which will provide units at reasonable prices.

In this regard, she shed light on the pilot phase of the program represented by the Lozi project, which provides 132 housing units for the beneficiaries of the housing finance scheme.

Al-Rumaihi indicated that the Ministry of Housing and Urban Planning plans to increase the number of events that attract 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 them. the desired results.

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