Owning homes just got easier with Mazaya social financing
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Owning a house is like a dream come true. And when it comes true, it secures not only your future but also the future of your loved ones.
It gives them the peace of mind that they deserve.
However, often overshadowing these dreams are financial problems. But, in Bahrain, turning housing dreams into reality is much easier, especially through Mazaya.
The latest statistics say the social housing finance scheme had fulfilled the housing dreams of 120 Bahraini citizens in about two months this year.
That number becomes humongous if considered from the start of the programme.
From its launch until mid-February this year, Mazaya has benefitted 9,900 Bahrainis in owning their dream homes.
According to the Ministry of Housing, 2021 recorded a significant increase in the number of beneficiaries of the Mazaya Programme.
“Mazaya benefitted 3,271 citizens in 2021, which is also the highest since its launch in 2013,” said the ministry.
In 2020, Mazaya processed 1,691 applications.
“This reflects the increasing demand for benefitting from the programme,” said the ministry.
Financial facilities and a diverse supply of housing projects, the ministry said, are some of the reasons behind the programme’s success.
The ministry also revealed that the majority of the people, 1,040 requests, who received housing units last year were on the waiting list from 2009 to 2013.
Mazaya, last year, also ended the waiting of 455 people, who were on the housing waiting list since 2004.
“Increased number of citizens are now coming forward to transfer their requests from other programmes to Mazaya,” said the ministry.
The ministry also confirmed a tremendous increase in the number of housing units delivered by the private sector in the price range fixed by Mazaya.
Of the 9,900 beneficiaries, 2,167 people received their housing units from the Ministry of Housing and the Housing bank.
The rest of the 7,735 citizens of 78% found their homes from projects available in the open real estate market, where the ministry confirmed the technical standards.
On the trends, the ministry said the purchase of apartments rose 26%, compared to 74% for residential units.
Beneficiaries in the Northern Governorate made 56% of the purchase, followed by Muharraq with 36%, Capital with 6% and Southern Governorate with 3% share.
On the government’s share in the scheme, the ministry said it rose to 87.2 million until mid-February 2022, thanks to banks and commercial banks in the Kingdom for rolling out exclusive offers.
The percentage of purchase of residential units, when compared to apartments and ownership apartments in the Northern Governorate is 96% and 4%, respectively.
Ninety-seven per cent of the people in Muharraq purchase villas, compared to three per cent who purchased apartments.
In the Capital Governorate, 100% purchased homes.
Thirty-three per cent of the beneficiaries in the Southern Governorate opted for villas, and 67 for apartments.
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