Amna Al-Rumaihi, the Minister of Housing and Urban Planning, has highlighted the success of the upgraded “Baity” real estate platform in Bahrain. Launched in February alongside the third Housing Finance Exhibition, the platform has seen a significant increase in interest, attracting around 15,700 visitors from February to July 2024. This rise in users is attributed to the variety of real estate options available at prices that align with housing finance through different funding schemes such as “Tas’heel” and the newly introduced “Mazaya” category. The platform offers users the flexibility to view details, sizes, and prices of properties listed by real estate companies in Bahrain.
The number of properties available on the platform has increased, with 43 participating companies showcasing approximately 11,580 properties valued at BHD 1.3 billion. Minister Al-Rumaihi noted the growing interest from real estate companies eager to showcase their offerings on “Baity,” leading to a wider range of property options for users. In terms of financing, data shows that 58% of users have opted for “Tas’heel” financing, 22% for “Mazaya” financing, and 20% for the new “Mazaya” category. The financing options provided by participating banks play a crucial role in attracting citizens to the platform’s financial services.
The joint team from the Ministry of Housing and Urban Planning and the Housing Bank is currently working on the second phase of the platform’s development. This phase aims to introduce more interactive features to assist citizens in selecting and reserving properties online, as well as completing the entire transaction for property purchase through the ministry’s financing directly via the platform. This initiative is part of the ministry’s broader digital transformation strategy to digitize all its services and provide citizens with greater flexibility to secure housing swiftly.
The success of the “Baity” platform is indicative of the government’s commitment to providing innovative solutions for citizens seeking housing finance in Bahrain. The variety of real estate options available, along with the user-friendly interface and financing options, have contributed to the platform’s popularity among users. With the continuous growth in participating companies and properties listed, the platform is set to become a key tool for citizens looking to buy or rent properties in the kingdom.
The Minister of Housing and Urban Planning has emphasized the importance of the platform in facilitating access to housing finance for citizens. By providing a range of financing options and streamlining the property selection and reservation process, the platform aims to make the home-buying experience more accessible and convenient for users. As the second phase of development progresses, more interactive features will be introduced to enhance the user experience further and improve the efficiency of the property purchase process.
In conclusion, the success of the “Baity” real estate platform in Bahrain reflects the government’s commitment to digital transformation and innovation in the housing sector. With a growing number of users and participating companies, the platform is becoming a valuable resource for citizens seeking housing finance and property options. The continuous development of the platform will further enhance its capabilities and provide citizens with a seamless and efficient way to secure housing in Bahrain.
