Bahrain's developers eye low-income housing
Manama, October 22, 2009
Bahrain's real estate developers are eying investments in low-income housing market to ride out a drop in demand for high-end residences.
Real estate developers have scaled down projects still in the design phase and have significantly slowed down construction of projects already underway to postpone delivery until the markets recover.
'The market for luxury villas, the upper end of the market has slowed down dramatically in Bahrain, even if not as drastically as in Dubai,' said Ithmaar Development Company chief executive Mohammed Khalid Alsayed. 'There will be a restructuring of the real estate market... some of the main developers will go for affordable housing.'
Alsayed estimated the accumulated lack of low-end housing at 40,000 units, increasing by between 5,000 and 6,000 units per year.
Ithmaar Development and Naseej were part of a consortium that has submitted a preliminary bid for a government tender for over 2,000 low-income units to be built under a public-private partnership scheme.
He said the government was drafting plans for 14,000 low-income units.-TradeArabia News Service
More Construction & Real Estate Stories
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna
- Samsung, Hyundai win $1.7bn Iraq deals