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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Small housing units with "astronomical" amounts.. The face of Baghdad is changing with a real estate

    Rocky
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    Small housing units with "astronomical" amounts.. The face of Baghdad is changing with a real estate Empty Small housing units with "astronomical" amounts.. The face of Baghdad is changing with a real estate

    Post by Rocky Sun 02 Jul 2023, 7:59 am

    [size=32]Small housing units with "astronomical" amounts.. The face of Baghdad is changing with a real estate boom fueled by "corruption"!![/size]
    [You must be registered and logged in to see this link.]Sunday 02 July 2023 at 13:28 PM (97 views)
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    Follow/Sky Press

    A press report by Dooley website, Thursday, shed light on the huge rise in real estate prices in the Iraqi capital, Baghdad, and its connection to corruption operations that observers and experts say are linked to Iraqi politicians.

    The report says, “The real estate boom in Baghdad has changed the face of the capital, as workers demolish old houses and exploit green spaces to build smaller housing units that are sold for astronomical sums, in an indication of growing corruption in the country.” .”

    He adds that the price per square meter of a house in an area where there are no government water or electricity services on the Karkh side can reach at least $2,300. In the upscale suburb of Mansour, for example, rates can reach six times that number.

    He points out that Iraqi politicians see this as a sign of the capital's prosperity, adding that, at the same time, it is a symptom of the corruption rooted in this country.

    This unprecedented rise in prices is also a sign of the widening gap and inequality, as the vast majority of Iraqis cannot enter this market, and their dream of owning a home in this ancient city has become very far away.

    And the real estate broker in the upscale Zayouna area, Raad Al-Shammari, says that whoever has a million dollars can hardly buy a house here .. It is no longer available to ordinary people.

    plastic bags

    The report notes that in one of the most corrupt countries in the world, real estate has become a magnet for dirty money, as high oil prices flood Iraqi markets with cash, and US-imposed regulations limit the transfer of illegitimate wealth abroad.

    Monitors say the money arrives in bags and plastic bags and in many cases the properties are registered in the names of relatives or partners, shielding the real owners from scrutiny.

    On the authority of the Baghdad Municipality, Muhammad al-Rubaie, he says: “When it is difficult for people to send their money outside the country, they put it in properties here.”

     

    One of the brokers, who spoke on the condition of anonymity, says that politicians were among his best clients and he would buy without hesitation when the opportunity arose.

    The process was not born today or in the past few months, but took place over a period of years until prices reached what they are now in terms of a massive increase in real estate prices.

    "crazy high"

    Economic expert Abd al-Rahman al-Mashhadani says that this insane rise in prices began in late 2018, when the United States imposed sanctions on Iraqi political figures, and their money was seized abroad.

    Al-Mashhadani added, “Before this date, real estate was sold in Iraqi dinars. For example, in the upscale al-Jamaa neighborhood in al-Karkh, Baghdad, the price per square meter was approximately one million four hundred thousand dinars (1100 US dollars).

    Immediately after the decision, prices increased dramatically and changed from dinars to dollars. In the same area, for example, the price per square meter ranged between 1700-1800 dollars, and then it started to rise continuously until today until it reached 2400 dollars. ,” according to al-Mashhadani.

    “In the same area for commercial places, a meter used to be sold for $2,500 to $2,800, but today it exceeds $10,000.”

    Al-Mashhadani points out that "when we researched, we found that most of the politicians who were smuggling their money abroad tended to invest in the internal real estate market."

    And he continues: "Every area is known to buy real estate. Sunni areas buy Sunni deputies and Shiite areas buy Shiite deputies, and of course it can be in their personal names or the names of their relatives."

    In the Karrada area, the price per square meter of residential areas has reached more than five thousand dollars.

    Al-Mashhadani says, "Some residential areas have now become commercial, such as Mansour and Yarmouk, where the price per square meter reaches $15,000."

    In an interview with a broker in the Yarmouk region, he confirms that a four-wheel drive car stopped in front of the office and a female parliamentarian got out with two of her guards.

    The newspaper did not reveal the deputy's name, but reported that the broker took them straight to a back room and locked the door.

    Once the deal is completed, he adds, title deeds can be transferred to banks and deposited as collateral for loans at three to five times the value of the property, which are then transferred to new acquisitions.

    With Iraq's population growth rates soaring, water shortages have pushed rural residents to migrate to cities, and the country is in dire need of more homes.

    In 2021, the Ministry of Planning estimates that the country will need at least 2.5 million additional units.

    Al-Mashhadani confirms that the city has been distorted. In the past, there was a problem of rural migration to the city. Today, the problem is that a single house with an area of ​​400 meters, for example, was divided into four or more housing units.

    "As a result, there has been a huge burden on basic services, and it has become difficult to find a place to park your car in front of your house."

    This caused the distortion of the capital and the loss of its features that we are accustomed to, until we started counting the remaining palm trees,” according to Al-Mashhadani.

    Al-Mashhadani asserts that "the Iraqi government has announced plans to build modern cities similar to what is happening in Egypt, and this is positive."

    He adds, "However, there is a negative point represented in the collusion of the municipal departments with the violators, because the law prohibits the division of residential plots without official approvals, and there can be no construction without an official permit."

    Al-Mashhadani continues, "There are restrictions related to the need for the facade of the house to be no less than 8 meters, and to allocate a third of the area of ​​the new house for green spaces."

    Al-Mashhadani believes that "the rampant corruption in the concerned state departments made it easy for violators to bypass these conditions and build a house in the de facto way."

    Al-Mashhadani warns that "without strict implementation of the laws, the problem will not be addressed, and the situation will remain as it is and may become worse."

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