Great high prices in Baghdad real estate..and planning: prices are normal compared to other capitals

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[size=52]Great high prices in Baghdad real estate..and planning: prices are normal compared to other capitals[/size]

[size=45]Mustafa Al-Jourani[/size]
[size=45]Real estate prices in Baghdad are beyond reasonable, especially since they do not contain the basic ingredients such as infrastructure, security and other factors, which prompted them to be among the worst and uninhabitable cities.[/size]
[size=45]Baghdad ranked first as the worst city in the world to live in today, according to the Spanish magazine muynegociosyeconomia, in its latest classification at the end of last year.[/size]
[size=45]government comment[/size]
[size=45]A spokesman for the Ministry of Planning, Abdul-Zahra Al-Hindawi, said in an interview with Al-Mada that "the rise in real estate prices in the capital, Baghdad, is natural, given that all capitals in the world have high prices."[/size]
[size=45]He added that "the rise in the capital is due to the population density in Baghdad, because it contains commercial and vital centers that work to attract residents to it."[/size]
[size=45]Al-Hindawi added, "Government estimates indicate that a quarter of Iraq's population lives in Baghdad, meaning that the capital constitutes 25% of the total population."[/size]
[size=45]He pointed out that "the new housing complexes in Baghdad did not meet the need and did not work to fill the current shortage in the housing sector," noting that "there is a governmental trend to increase focus on the private sector by offering many investment opportunities to the government and private sectors."[/size]
[size=45]He concluded his speech by saying that "the expected annual increase of the population in Iraq reaches one million annually," noting that "the government has put in place the necessary plans to limit the rise in real estate."[/size]
[size=45]And the Iraqis are complex, that «the main reasons behind the rise in prices are due to the great differences that have arisen between the classes of society, as the political classes are getting richer every day and they invest their money in buying real estate inside Iraq».[/size]
[size=45]Over the past years, the government has launched soft loan initiatives with the aim of solving the housing file, the latest of which was initiatives launched by the Central Bank, which amounted to 5 trillion dinars, part of which was allocated to private banks to grant them as loans to citizens, some of which amount to 100 million dinars.[/size]
[size=45]Corruption behind the crisis[/size]
[size=45]In a related development, Ramzi Al-Azzawi, owner of the office for buying and selling real estate in Baghdad, said that "the rampant corruption in the state sectors is behind the crisis of high housing prices in the country."[/size]
[size=45]Al-Azzawi explained that "the regular employee is working to buy a house worth 400 million dinars, although his salary does not exceed one million dinars."[/size]
[size=45]He pointed out that "the political classes bought countless real estate after 2003," at the same time calling on the concerned authorities to "account the corrupt and know the sources of their money."[/size]
[size=45]In an official statement, the Iraqi Political Economic Center revealed, early this year, that 2021 witnessed a significant increase in real estate prices in the capital, Baghdad, that may exceed their counterparts in Dubai and London.[/size]
[size=45]The center pointed out that "the year 2021 witnessed a huge and huge increase in real estate prices for some residential and commercial areas in the Iraqi capital, Baghdad, which may exceed their counterparts in Dubai and London, and the price of one commercial meter has sometimes reached 10 thousand dollars."[/size]
[size=45]popular complaints[/size]
[size=45]Iraqis complain about this file, stressing that “the rise in real estate prices has resulted in a rise in rent prices in Baghdad,” calling on the government to “monitor the housing rent file in the capital, as it has become an obstacle to citizens.”[/size]
[size=45]The citizens added, during their interview with Al-Mada, that "there is greed on the part of property owners regarding the issue of renting homes and exploiting crises to raise prices."[/size]
[size=45]They talked about "the difficulty of buying small houses in Baghdad, and that it has become a dream that is difficult to achieve despite the suffering of the capital's decline in services and at all levels."[/size]
[size=45]The citizens pointed out that “the prices of buying and renting real estate are now comparable to the prices of international cities such as (New York and Tokyo), expressing their surprise at this rise.”[/size]
[size=45]On the other hand, the continuous rise in prices prompted the Iraqis to head towards Turkey to invest in real estate, as the Statistics Institute in Turkey indicates that Iraqis ranked second in buying property and real estate in it during the first quarter of this year, reaching 1461 properties out of 9 Thousands and 887 bought by foreigners.[/size]
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