August 12, 2014 7:42
Readers Number: 244
Economists said that the lack of approval of the federal budget in a timely manner led to a recession in all sectors, including commercial real estate.
The owners grumbled Real Estate Offices of bad economic and security situation, which reflected negatively on their jobs due to an almost complete halt to their work since the events of Mosul without any indication of improvement in the business situation in the country.
Said Haji Taha, the owner of the property office Ameri said that "real estate prices fell significantly for nearly two months due to the deteriorating security situation and the delay in approving the budget, which is the main nerve of the financial resources of the Iraqi citizen."
He added that "despite the sudden change of real estate prices, but the market remains stagnant without little movement because of people's fear of the unknown future where there is not the slightest feeling of optimism as a result of what has passed through the country during the previous years, despite the political and economic changes successive."
Taha said that "most of the existing offers to people who are thinking to escape from the country to a place that makes them feel safe and now they have lost previously, and therefore the impact on the process of supply and demand, which significantly contributed to the decline in real estate prices to levels never happen."
He said "most of the properties for sale belong to the families of certain components worked unstable security conditions on the displacement from their areas to the other, or they leave the country because of the fear that who feel."
He stressed that "real estate in some areas of Baghdad and reached their during the past years to the astronomical prices are not found in the finest stable countries, and the first of London and it was due to an improvement in financial income among individuals and the increasing need for real estate over the past three decades."
He noted that "expectations for a continued decline in prices gradually, but if he got there a significant improvement of security and economic realities of the country."
With Akil Mansour said the owner of the Office for the sale and purchase of the property that "real estate prices drop dramatically as a result of the deteriorating security situation and the situations of daily assassinations and explosions continued all this has led to a deterioration of movement, the level of sales and purchases and leases in the general areas of Baghdad to zero degrees."
"The past years have seen the departure of some people to other areas as safe as Karrada East and Mansour, Yarmouk, Harthiya and the other either the affected areas such as the session and Sedea and Ghazaliya Ameria and others have fallen real estate prices there, but today, migration has become out of Iraq because of the inclusion of all areas to deteriorate increased security."
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