Bahrain signs $732m deal to build 3,1000 affordable homes

Bahrain’s Ministry of Housing has announced that 3,100 homes will be built for those on the country’s social housing waiting list. 

The homes will be built on 1.2 million square metres of reclaimed land on Muharraq island, on the northern coast of the country. 

The developer, Diyar Al Muharraq, will finance the $732m project with support from the Kuwait Finance House. 

Bahrain’s Ministry of Housing will buy the homes from Diyar Al Muharraq after completion and will maintain them under its social housing budget. 

Basim Al Hamer, the minister for housing, said: "This is indeed a very important agreement as it is the largest agreement of its type for co-operation between the private and public sectors and will surely have far-reaching positive consequences for all the citizens of the kingdom."

The homes will include thermal insulation, two car-parking spaces and provisions for future expansion. 

The project will contain integrated community service centres and parks. The site is close to local schools, shopping malls, public beaches, mosques, medical clinics, public transport and Bahrain International Airport.

Bahrain’s Ministry of Housing will contribute to those living in social housing if a person’s mortgage is over 25% of their earnings.  

Work is due to begin in October this year and be completed by December 2018. 

Image: View of Muharraq in the foreground with the skyline of Bahrain’s capital Manama in the background (Wikimedia Commons)

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