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
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