An economic center: Real estate prices in Baghdad have exceeded their counterparts in London and Dub

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[size=52]An economic center: Real estate prices in Baghdad have exceeded their counterparts in London and Dubai in the last three years[/size]

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Today, Sunday, the Iraqi Political Economic Center announced that it had submitted a proposal regarding real estate prices in Baghdad, while noting that the application of the central bank's procedures would limit the rise in those prices.[/size]
[size=45]The director of the center, Wissam Hammal Al-Helou, said in a statement, "The last three years witnessed a huge and dramatic rise in real estate prices in the capital, Baghdad, both in residential and commercial areas, exceeding their counterparts in London and Dubai, as the price per square meter reached more than 12 thousand dollars."[/size]
[size=45]The statement added, "This rise coincided with the occurrence of large corruption operations in the Iraqi state, including the theft of tax secretariats (theft of the century) and others, the majority of whose funds were spent on buying real estate in commercial areas in Baghdad," calling on "the government, the Federal Integrity Commission, and the Central Bank." The Iraqi called for checking the sources of funds when applying to buy the property and before installing its data in the state’s real estate registry.[/size]
[size=45]And he suggested, “Using an international legal consulting firm to review all sales contracts that the country has witnessed in recent years, whose numbers exceeded market prices during the sale period, demand from money payers, and provide statements and documents confirming that they obtained funds through legitimate means,” praising “the move of the Central Bank of Iraq that must be To enter into force quickly, with the approval of Iraqi banks in the process of buying and selling real estate whose value exceeds 500 million dinars, in order to combat money laundering by depositing the amount of the sold real estate in the banks, and then going through some procedures in the Iraqi Registration Department and other concerned parties.[/size]
[size=45]He pointed out, “The application of these procedures strictly and judiciously, without exceptions, will limit the process of selling sums at their prices as well as suspicious amounts, and thus contribute to a decline in prices.” Corruption and theft of public money.[/size]
[size=45]The statement called, “the government to reform the real estate registration system and make amendments to its law or other new legislation, especially since the current law dates back to 1971 and should be amended with new updates that keep pace with the current developments and address the loopholes that allow thieves of public money to own real estate at inflated prices with fixation.” Decisions and binding items in it about the sources of funds.[/size]
[size=45]He continued, “Also, changes must be made in the capital level laws that oblige, for example, owners of funds not to repeat purchases at close intervals, and encourage them to invest money in other sectors, especially productive economic sectors away from housing, while providing incentives, exceptions, and tax exemptions in order to advance the economic reality away from freezing. Money in real estate.”​​​​[/size]
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