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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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    Real estate prices in Baghdad...astronomical numbers and complex reasons

    Rocky
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    Real estate prices in Baghdad...astronomical numbers and complex reasons Empty Real estate prices in Baghdad...astronomical numbers and complex reasons

    Post by Rocky Sat 03 Feb 2024, 2:28 pm

    [size=38]Real estate prices in Baghdad...astronomical numbers and complex reasons[/size]


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    February 3, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: The real estate market in Baghdad has been witnessing a crazy rise in prices for years, which has raised concerns among citizens and made them unable to buy a suitable house or apartment.
    Studies indicate that real estate prices in Baghdad rose by 50% over the past year, while the prices of some areas have doubled over the past five years.
    The lack of real estate supply is one of the most important reasons for the rise in prices, as the number of new housing units does not keep pace with the increasing demand.
    The demand for real estate is increasing due to population growth, as Baghdad suffers from a high population density, which increases the demand for residential units.
    Many Iraqis were displaced from their areas due to war and violence, which led to an increase in demand for real estate.
    Investing in real estate is one of the most popular investments in Iraq, which increases demand.
    The decline in the value of the Iraqi dinar against the US dollar leads to an increase in dollar-denominated real estate prices.
    Iraq suffers from a lack of government planning in the field of housing, which exacerbates the problem of high real estate prices.
    Corruption is one of the most important factors causing the rise in real estate prices, as some reports indicate that some officials control the real estate market and engage in extortion and bribery.
    The rise in real estate prices makes it difficult for citizens to obtain suitable housing, as buying a house or apartment has become an unattainable dream for many Iraqi citizens.
    The rise in real estate prices exacerbates the problem of poverty, as citizens are forced to spend a large percentage of their income on renting or buying a home. The rise in real estate prices also leads to a decline in investment in other sectors, as some investors prefer to invest in real estate due to its high returns.
    Real estate prices in some neighborhoods of the capital have exceeded the price barrier similar to that in European and Arab capitals, with citizens’ ability to purchase declining, which raises questions about the economic and social reasons and transactions behind these developments.
    This comes at a time when economic and real estate experts stress the necessity of real state oversight of the real estate and land sector, not only in Baghdad, but in various governorates that are also witnessing a similar rise.
    According to a press report, based on a leading real estate company in the field in the capital, real estate prices in some areas reached $20,000 per square metre, and in other areas they ranged between $3,500 and $14,000 per square meter at a minimum.
    The real estate company's report included part of the value of the price per meter in some neighborhoods of the Iraqi capital. The price of one meter in the Yarmouk neighborhood ranged between 4,000 and 20,000 dollars, while in the neighboring Al-Harithiya neighborhood, it ranged between 3,500 and 14,000 dollars, and in Al-Qadisiyah, it ranged from 3,200 to 14,000 dollars, while in Al-Mansour, Zayouna, and Al-Jadriya, it ranged between 3,300 and 13,000 dollars, and in the Al-Jameaa neighborhood, it ranged from 2,500 to 14,000 dollars. $11,000, while the value decreases as the area is towards the outskirts of the capital.
    In this context, workers in the real estate sector say that the lowest price per meter in Baghdad was a thousand dollars, and it is in Sadr City, east of the capital, and there are lands classified as agricultural, not residential, as construction is being done on them in an irregular manner, but their owners hope to impose a fait accompli on the government after its transformation. For entire residential neighborhoods, changing the type of land from agricultural to residential.
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