An economist identifies a "single solution" to end the housing crisis in Iraq
Shafaq News/ An economic expert revealed today, Friday, a "single solution" to end the housing crisis in Iraq, and while pointing to the reasons for the rise in real estate prices, he stressed that population inflation contributed to an increase in demand for housing units.
Economist Nabil Jabbar Al-Ali told Shafaq News Agency, "The only solution to end the housing crisis in Iraq is to expand the borders of the current cities, and to create new cities, to increase the number of housing units."
On the reasons for the rise in real estate prices, the economist explained that "Iraqis are facing a crisis of high real estate prices as a result of the availability of loans and the absence of land."
Regarding the recent spread of vertical construction projects, especially in the capital, Baghdad, Al-Ali stated that "vertical construction has its justifications in city centers."
He pointed out that "inflation and population growth are on the rise, which has contributed to an increase in demand for housing units at a rate of 50-100 thousand units annually, which exacerbated the increase in the previous demand gap of more than two million housing units."
About a year ago, the Iraqi government proposed the "Dari" project in an attempt to solve the worsening housing crisis, and about three million citizens submitted through the electronic platform to obtain a plot of land that will often be on the outskirts of cities, to create new cities that will need infrastructure and business markets.
It is noteworthy that Iraq suffers from a stifling housing crisis due to the increase in its population compared to the number of residential complexes, in addition to the inability of citizens with limited income to build their own housing unit due to the high cost of land and construction materials.
The Ministry of Construction and Housing estimates that Iraq needs more than three million housing units to fill the country's housing crisis.
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