Bahrain’s rising land prices are hurting the Gulf state’s drive to tackle its chronic affordable housing shortage and deterring developers from building low-cost homes, real estate analyst CBRE has said.
The Gulf state has a shortfall of around 50,000 affordable homes but developers are being hampered by lack of access to mortgages and the high cost of land, CBRE said in its quarterly market overview of Bahrain’s real estate market.
“It remains difficult to address the needs of the ‘affordable’ market for a number of reasons. Site assembly and infrastructure are often complex, land prices remain completely out of line with commercial realities, government regulations often do not allow creative solutions from the private sector and mortgage finance remains expensive,” said CBRE.
http://www.arabianbusiness.com/land-prices-crimp-bahrain-s-low-cost-homes-plan-487699.html
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