“Affordable housing is one of key areas which offer high yields to investors and this is the right time for local investors to take a lead by investing in the real estate projects,” Farid Bader, Chairman and MD at Bader Group of Companies in an interview told The24X7News (www.twentyfoursevennews.com).
Bader wouldn’t support wait and see policy and said such attitude would not take investors anywhere. “We shouldn’t not wait for foreign investments and go ahead and make investments in projects like affordable housing which should be spearheaded by local investors,” he said, adding that affordable houses, including freehold, are in high demand in Bahrain.
The areas, he said, with high demand areas are Busiateen, Hidd and Juffair and said his company was acquiring land for building the apartments with prices starting from BD 60000 per unit.
“One project is already underway in Hidd area and we are planning to launch similar projects in Juffair and other high demand areas in Bahrain,” he said.
Bader, who showcased his projects at recently held Gulf Construction, Interiors & Furniture Exhibition (Gulf BID 2014) praised the increasing number of real estate projects, and commended the efforts of the real estate development companies.
Gulf BID 2014 was held under the patronage of His Royal Highness Prince Khlifa bin Salman Al Khalifa, the Prime Minister who called upon the relevant ministries and government departments to hold meetings with investors and real estate development companies in order to discuss the problems facing by the sector.
Bader while highlighting the Gulf BID said such events can stimulate development projects and boost the urbanisation process in the Kingdom.
HRH Premier toured the exhibition and affirmed the importance of organising such events in laying the basis for an urban boom that has been widely praised worldwide.
Bader said that Bahrain’s real estate sector was still competitive when compared with the prices, for example in Dubai, making a sense for companies and investors to invest in Bahrain.