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With real estate prices skyrocketing, first-time buyers are often faced with price ranges that are beyond their means when it comes to finding their first home.
Understanding this, Reef (Real Estate Finance Company) and Grnata recently announced their partnership with the developer of Al Aqeela Building.
Grnata, as the exclusive sales agent for the building, provided details on the new development. Al Aqeela which is located in Sanad is designed to accommodate the Bahraini and GCC first-time buyer in its design and pricing structure.
Each of the 14 apartments in the residential building has two bedrooms, and a spacious kitchen and living room covering areas ranging from 82 to 108 square metres. The apartment finishing includes high quality flooring, bathroom and kitchen fixtures.
Additionally, Al Aqeela houses dedicated parking for each apartment, security facilities, and a meeting room for tenants.
Ahmed Haidar Darwish, director of Grnata, said: "In addition to the quality of the building, the apartments have also been set at very reasonable prices in order to accommodate the expectations and financial capabilities of first-time buyers. We are pleased to extend this offer from a sales and marketing perspective because we believe it fills a gap in the market."
To add to this, Reef has also set up an exclusive financing offer for clients of Al Aqeela, whereby buyers are provided a longer grace period and competitive rates.
AbdulAziz Al Ruwaihi, head of retail and placement at Reef, said: "By providing a lengthier grace period, Reef is structuring its financing options in a way that allows the buyer to balance current rental obligations with their mortgage payments towards home ownership. The idea is to ease the financial burden on the client as a first-time buyer."
Construction has already begun on the site for Al Aqeela, and is expected to be completed within 17 months.
