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Investment complexes are not due to the housing crisis.. Who buys "apartments" with fantastic prices?
November 15 2021
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Investment complexes are not due to the housing crisis.. Who buys "apartments" with fantastic prices?
November 15 2021
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Not in line with the purchasing power of Iraqis (Facebook)
Dozens of investment residential buildings began to rise from the ground in the capital, Baghdad and other governorates, as one of the solutions to the intractable housing crisis in Iraq, but the confusion has not been lifted from the faces of the lost people who are looking for a “small homeland” yet, and they fill social media sites with questions, please looking for information. Regarding any housing complex whose prices are commensurate with their monthly income and give them hope.
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The price of one apartment sometimes in Baghdad reaches more than 200 thousand dollars, or approximately 300 million Iraqi dinars
It is surprising that one of the solutions to the “housing crisis” was a reason to deepen and perpetuate it, and to increase frustration and sadness in the hearts of those looking for housing. At a time when there was no hope of obtaining housing, the feeling of comfort was more than the current time, which forced the desperate to see many opportunities that might save them from homelessness. And the ghost of rent, this opportunity did not create them.
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With the exception of [url=https://investpromo.gov.iq/ar/bismayah/#:~:text=%D9%85%D8%AF%D9%8A%D9%86%D8%A9 %D8%A8%D8%B3%D9%85%D8%A7%D9%8A%D8%A9 %D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9 %E2%80%93 %D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC %D8%A7%D9%84%D8%A5%D8%B3%D9%83%D8%A7%D9%86,%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A %D8%A7%D9%84%D8%B1%D8%A7%D8%A8%D8%B7 %D8%A8%D9%8A%D9%86 %D8%A8%D8%BA%D8%AF%D8%A7%D8%AF%2D %D9%83%D9%88%D8%AA.]the Basmaya complex,[/url] which is invested by the Iraqi state through the Investment Authority, which is the only residential investment complex that matches the Iraqis' need for housing and their ability to purchase housing units in proportion to the value of their monthly income, all other residential complexes are a commercial means, meaning that the two parties (seller and buyer) They have commercial goals behind this buying and selling process, but Iraqi families looking for housing are not parties to this equation.
When looking at these residential complexes, especially those established in places within the capital, Baghdad, such as the residential complexes established in Kadhimiya, Al-Mansour, Baghdad Airport Street and other populated places where real estate prices are high, the residential complexes provide housing units consisting of apartments in amounts comparable to the prices of homes, The price of the apartment sometimes reaches more than 200 thousand dollars, or about 300 million Iraqi dinars, in the form of payments with a payment period that does not reach at best 5 years, a figure considered “imaginary” that the target groups suffering from a housing crisis cannot provide, as Providing an amount of 300 million dinars within 5 years requires saving 5 million dinars per month, which cannot be provided by groups that suffer from a housing crisis, the majority of which are employees and workers in the private sector or daily earning, whose monthly income does not generally exceed one million Iraqi dinars.
For example, a residential complex in the Al-Atifiyah area of Baghdad provides apartments with areas of 155, 180 and 205 square meters, at a price of 1050 dollars per meter, which means that the apartment has an area of 155 square meters, valued at about 163,000 dollars, or approximately 250 million Iraqi dinars, and provides Those in charge of the investment complex have two payment mechanisms. The first is cash payment in the form of 4 payments for a period of one and a half years, which means savings of about 14 million dinars per month.
As for the second mechanism of payment, it is through the real estate bank loan. 25% of the apartment value is paid as an advance, or about 63 million dinars, and then a loan is obtained from the real estate bank, worth 125 million dinars, to be paid in the form of monthly installments for a period of 20 years, that is, in installments A monthly amount of about 600,000 Iraqi dinars, and the remaining amount of the apartment price, which is 62 million dinars, is to be paid in installments over 20 months, that is, with a monthly payment of more than 3 million and 100 thousand dinars, and on this basis; Whoever wants an apartment with an area of 155 square meters in this complex will be required to pay 63 million dinars as an advance, and then pay monthly installments for two years totaling 3 million and 700 dinars, and then pay 600 thousand dinars for the remaining 18 years to pay off the real estate bank loan.
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Except for the huge financial payments and advances, even those complexes that provide a monthly financial installment with a long payment period, in which the monthly payments are large if measured in proportion to the amount of the monthly income, reaching more than 50%, according to the researcher in economic affairs, Mortada Al-Azzawi.
In an interview with Ultra Iraq, Al-Azzawi said, "The affordable housing index is defined as housing whose cost does not exceed 30% of the total family income, as Canada switched to a 25% law instead of a 20% law in the fifties, and was replaced by a 30% law in In the 1980s, India uses the 40% law.
He adds that "in our Iraqi reality, the state has gone towards investment to solve the housing crisis and build housing complexes by the private sector and sell them to citizens through bank loans, and the average price of housing units in investment complexes is 100 thousand dollars, or 150 million dinars, and the state has recently provided Bank loans of 125 million dinars, without interest, to purchase these units, payable in 20 years.
He shows that, "Paying this amount in the form of regular monthly installments requires the payment of 520,000 dinars per month, and if the average income of the Iraqi family is one million dinars per month, this means that they will pay more than 50% of their monthly income for these housing, which is a large number, not to mention the costs other essential services.
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While the targeted segments that suffer from a housing crisis or any simple employee cannot pay such amounts to purchase housing units in investment complexes, it is unlikely that the groups who are able to pay these amounts and reserve and purchase housing units in these complexes are groups suffering from a housing crisis. Indeed, according to economic experts, who point out that a person whose monthly income is about 5 million dinars will be able to provide these payments, to buy a house with an area of at least 100 square meters within a period of two years and not wait for the coming of these residential complexes that will provide him with an apartment, which cannot be compared to a house Residential horizontal to the ground.
On this basis, questions arise about the goal of these investment complexes, and how they are able to sell their housing units according to these amounts, and whether the groups that started buying these housing units are groups that do not suffer from a housing crisis in the first place, and what is their goal in buying these units in the first place?
The researcher in economic affairs, Evan Shaker, talks about what he describes as “amateur investors,” who divide them into 3 categories. These are the ones who buy housing units of this type, whatever their price, and they are the same ones who caused the housing crisis and raised real estate prices in Iraq by creating the so-called False demand.
In an interview with "Ultra Iraq", Shaker explains that "the owners of money in Iraq from different classes and even the middle classes who have a cache of money, the first thing they think about is investing in real estate, so they resort to buying many homes, apartments and housing units, which causes fake demand despite the high the prices".
He explains, "If the matter remains for the classes looking for housing with these high prices, the sale will stop and therefore the supply is greater than the demand, causing real estate prices to drop, but the small amateur investor continues to buy real estate to rent or sell, the buying and selling process continues, and the demand is high, but it remains an illusory demand."
The same applies to investment residential complexes, where Shaker points out that "the prices of housing units in these complexes are unrealistic," noting that "real estate developers' prices are not in line with the purchasing power of the individual, and they are making outrageous profits, due to amateur investors who buy these apartments."
Shaker classifies amateur investors or groups that buy these housing units into 3 categories, and they are the type of politicians who buy these housing units at high prices for money laundering, as well as “real estate office owners and those who buy 50 or 100 apartments for the purpose of profit and constitute a fictitious request, as well as People with good incomes who invest their money by buying these apartments to sell them at a later time, and these are amateurs and non-professionals because they cause an economic crisis for the country and for people with limited incomes.”
Shaker explains that "the solution to this problem is in the hands of the government, which lacks planning. The solution lies in establishing joint stock companies, and paying the owners of these funds to buy shares in the company executing the housing complex projects, whereby the liquidity of these investors' money is taken advantage of and made them own shares in them instead of using their money to buy housing units." And they create an imaginary high demand, rather they are contributors to the project and take their profits after selling these housing units exclusively to citizens, and this will reduce inflation by 50%.”
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"Fantastic" real estate prices in Baghdad and the provinces are not in line with the purchasing power of Iraqis
In addition to the idea of investors, the well-informed and working circles in these complexes are circulating that most of these apartments are being bought by officers, officials, members of Parliament and “famous”, as workers in these complexes confirmed to “Ultra Iraq”, that “officers and officials started buying apartments in these complexes. Investment, especially since these funds and installment payments to the complexes are simple compared to what they receive from corruption deals, royalties and bribes that they receive daily apart from their official salaries in government departments.
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