According to property surveyors and consultants Cluttons plans to provide 50,000 social housing units in the Kingdom are again at the forefront of government policy.
This comes as the International Monetary Fund has projected a GDP growth of 1.5% in 2011 and is more optimistic for next year with a projected growth of 3.6% in 2012.
Cluttons said that the housing initiatives include low interest housing loans provided through Eskan Bank and free land plots for those with an income of BD900 to 1,200 per month. Families with an income of less that BD900 per month are entitled to apply for social housing.
As an outcome of the National Dialogue process, plans to provide approximately 50,000 social housing units over the next three years, in developments worth BD2.5 billion, have been announced. Should these plans reach fruition this would eliminate the current backlog.
Cluttons also reports that an evident trend within the commercial property market is that tenants are now only seeking fitted-out spaces, as they are either unable or unwilling to commit to the capital expenditure associated with fitting out shell and core space.
‘It appears that many tenants in older buildings are looking to move to newer office space in a better location for the same price that they are currently paying. There is an increasing supply of fitted-out offices coming to the market, but offers being made need to be in line with landlord expectations,’ it says.
‘Cluttons in Bahrain suggests that under the current conditions, high quality, professional property management is a vital tool in attracting and retaining tenants at good rental values,’ the report adds.
