The solution to the housing crisis depends on government support

[size=52]The solution to the housing crisis depends on government support[/size]

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 Baghdad: Mustafa Al-Hashemi
Activating the work of real estate investment companies is a requirement in light of the economic conditions in Iraq, as these companies play a pivotal role in reducing the housing crisis by providing housing units with international specifications, but the role of these companies in the current period is limited, and it revolves in a narrow range due to the absence of government support for them. Which is represented in allocating lands for the establishment of housing projects, which would reduce the price of the housing unit and alleviate the burden of the citizen.

In this regard, the specialist in real estate investment affairs, Muhammad Shehab, confirmed that {activating the activity of real estate investment companies will limit the rise in real estate prices in city centers and reduce the effects of the housing crisis that the country is suffering from}. In Iraq, there are 3 private companies working in the field of real estate investments and contracting, and they are listed on the Iraqi Stock Exchange, but their activity is very limited due to their lack of government support, represented by the allocation of land to them, because their activity in the real estate market depends mainly on these allocations by the Investment Authority or the relevant ministries.

increase souls
Shehab stressed that Iraq is witnessing an annual increase in the number of its people, which calls for keeping pace with this increase by providing housing units for them, after proper planning for urbanization and construction in the country. For the Iraqi citizen, as she builds these units on the areas allocated to her or that she buys from the state, which allows her to be creative in the art of architecture and engineering space, and then to sell them to the citizens in convenient installments.”
The real estate investment specialist said that “the lower the price of the plot of land obtained by the company, the price of the housing unit sold to the public will be subsidized at an appropriate price and at the lowest costs, which will contribute to alleviating population inflation rates, because the housing and housing index in the inflation report prepared by the Ministry of Planning is The most significant increase in price inflation data.
Shehab called for the necessity of "putting an end to the rise in prices on the real estate side, whether for ownership or even rent, as it drains the fruit of the individual's effort for years or for months on end in order to provide him and his family with decent housing."

domestic investment
In turn, the economic researcher Firas Amer highlighted the importance of {the government’s support for such companies, as they actually contribute to reducing the housing crisis and reducing real estate prices, and activating the role of real estate investment companies has an active role in resolving the issue of private sector participation in solving the crisis, and because it will provide huge capitals. By domestic investment instead of foreign}.
He pointed out that Iraq needs to {reconsider the issue of real estate investments away from the auctioneer who contributed in one way or another to igniting the real estate market with high prices, at a time when these prices are not commensurate with the reality of services in residential areas}.
For his part, Engineer Ali Tariq stated that "the rise in real estate prices is mostly due to the rise in labor wages and the prices of imported and unsubsidized construction materials."
And he demanded that government support be provided to all the housing sector and its branches, including real estate investment companies, by increasing the area of ​​land allocated to them, and supporting vertical construction trends as it is economically feasible if we calculate the cost of construction per square meter over the number of floors of one building.

E-Service
Tariq stated that {launching a website specialized in presenting opportunities to sell, rent and buy real estate in Iraq, will link the seller and the buyer or the lessor directly, and there is no need for the broker to mediate in these operations, because the current stage requires developing the reality of the real estate market using technology and websites, which may encourage Reducing the rise in real estate prices and also curbing the greed of auctioneers.
The economic expert, Dr. Majid Al-Suri, stated that {the real estate market in any country in the world is subject to supply and demand, except in Iraq, due to the effects of the general situation}.
He added that {the specificity of supply and demand makes the prices of some real estate more than the required level, compared to the reality of services in their areas}, stressing the need to {solve the problem of housing and commercial areas in which the value of the property reaches 10 times its value.
real }.
Al-Suri stressed that {the provision of housing is an urgent necessity to cover the need and meet the growing demand in this sector}, noting that {the rise in real estate prices comes as a natural result of the overcrowding in Iraq, in addition to the diversity of housing in cities between the rich and the areas of the poor, as well as the general conditions of the country. }.
He called for "not to leave the issue of setting prices confined to the guides, because it makes the issue chaotic," the need to "reconsider the organization of housing, and the general planning of cities in Iraq, because it will limit the growth of prices for this."
sector }.
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