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2021-11-05 06:50
The Central Bank increases the allocations for the housing initiative by (2.6) trillion Iraqi dinars
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2021-11-05 06:50
Shafaq News/ The Board of Directors of the Central Bank of Iraq decided on Tuesday to increase the housing initiative allocations to the Real Estate Bank and the Housing Fund by an amount of (2.6) trillion Iraqi dinars.
In a statement today, the bank stated that the amounts were distributed at 1.5 trillion dinars to the Real Estate Bank, and 1.1 trillion dinars to the Housing Fund.
Pink indicated that the initiative of the Central Bank of Iraq to support the housing sector contributed to solving an important aspect of the housing crisis in Iraq and brought about great economic development.
The former Minister of Construction and Housing, Bankin Rekani, had announced last September that Iraq needed 3 million and 500 thousand housing units to address the housing crisis in the country.
Iraq suffers from a stifling housing crisis due to the increasing number of Iraq's population and the limited housing complexes, in addition to the citizen's inability to build his own housing unit due to the high cost of land and construction materials.
In early February 2021, the Central Bank of Iraq launched a new initiative in granting loans to employees worth 125 million dinars to purchase housing units in investment housing complexes.
However, specialists saw the Central Bank's initiative as "like a fantasy", because of the administrative red tape and the complex instructions for government banks and the profits and burdens placed by those banks, which makes the person who wants to obtain the loan to buy a housing unit think carefully before taking this step.
Real estate prices in the Iraqi market are witnessing a significant increase in the prices of housing units of plots of land and houses, especially after approving the new dollar exchange rate and granting financial loans to employees and citizens.
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In a statement today, the bank stated that the amounts were distributed at 1.5 trillion dinars to the Real Estate Bank, and 1.1 trillion dinars to the Housing Fund.
Pink indicated that the initiative of the Central Bank of Iraq to support the housing sector contributed to solving an important aspect of the housing crisis in Iraq and brought about great economic development.
The former Minister of Construction and Housing, Bankin Rekani, had announced last September that Iraq needed 3 million and 500 thousand housing units to address the housing crisis in the country.
Iraq suffers from a stifling housing crisis due to the increasing number of Iraq's population and the limited housing complexes, in addition to the citizen's inability to build his own housing unit due to the high cost of land and construction materials.
In early February 2021, the Central Bank of Iraq launched a new initiative in granting loans to employees worth 125 million dinars to purchase housing units in investment housing complexes.
However, specialists saw the Central Bank's initiative as "like a fantasy", because of the administrative red tape and the complex instructions for government banks and the profits and burdens placed by those banks, which makes the person who wants to obtain the loan to buy a housing unit think carefully before taking this step.
Real estate prices in the Iraqi market are witnessing a significant increase in the prices of housing units of plots of land and houses, especially after approving the new dollar exchange rate and granting financial loans to employees and citizens.
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