FINANCIAL NEWS

Bahrain to start its housing initiative in July

05 Jul 2012

(MENAFN) Bahrain government is set to launch construction works for 530 new housing units in Manama this month, as part of its plans to build 15,000 new homes and cut waiting lists, state news agency BNA reported.

Bahrain Housing Ministry chose four Bahraini contractors to carry out the project, which is poised to be completed within a year, the news agency said.

The first phase of the 15,000 housing units plan will see 2,300 units built within the next 54 months, the ministry said.

The first phase will also include the construction of 2,470 housing units by the private sector, the ministry added.

The second phase, which is scheduled to start in September, will see the construction of 4,000 housing units.

Despite the government’s housing initiatives, Bahrainis showed rejection as they prefer villas rather than low-cost apartments, property analysts said.

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