Housing loans raise real estate prices... and a parliamentary move to improve the living situation

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[size=52]Housing loans raise real estate prices... and a parliamentary move to improve the living situation[/size]

[size=45]Baghdad/ Saif Al Hurr[/size]
[size=45]After the increasing real estate prices in the capital, Baghdad, and a number of provinces, citizens are waiting for government decisions in support of the middle class to purchase residential homes through the continuation and increase in granting loans, amid parliamentary affirmation on improving the living and housing conditions of citizens.[/size]
[size=45]The Central Bank of Iraq allocated, earlier, additional financing for the development of the housing market, estimated at 700 million dollars, while continuing to adopt flexible methods of providing credit to those concerned.[/size]
[size=45]In this regard, the representative of the State of Law coalition, Muhammad Chihod, confirmed that the House of Representatives is determined to improve the living and housing situation of citizens.[/size]
[size=45]In an interview with Al-Mada, Chihod said, "The loans granted, whether from the central bank or other banks, are to help citizens, whether in terms of housing or the standard of living."[/size]
[size=45]Chihod added, "We must continue to grant loans, even if they contribute to raising prices, but they provide a large part of the citizens' needs."[/size]
[size=45]For his part, economic researcher Nabil Al-Tamimi pointed out that the initiative, whether from the central bank or bank loans, certainly contributes to raising real estate prices.[/size]
[size=45]Al-Tamimi added, "The loans of the Central Bank and banks are one of the reasons for the rise in prices, but it is not the only reason, as the main reason is the high demand for three million housing units that the supply is unable to provide."[/size]
[size=45]He continued, "All kinds of initiatives are positive because the bank and banks are not interested in solving the housing crisis."[/size]
[size=45]In addition, Ali Thamin, one of the owners of real estate offices in Baghdad, revealed that citizens are buying plots of land or private homes on the outskirts of the capital through loans.[/size]
[size=45]Thamin said in an interview with (Al-Mada), that "the majority of citizens take loans mainly to buy a plot of land or a private house in the newly built areas on the outskirts of the capital, Baghdad, because the old city areas are very expensive and even government loans are not enough for them."[/size]
[size=45]Thamin added that “citizens’ orientation towards real estate will certainly contribute to raising prices,” noting that “prices rise and are remarkably active with every loan or initiative launched by banks or the central bank.”[/size]
[size=45]The Ministry of Planning said in a recent study that it has worked on strategic plans to rehabilitate and settle random housing in all governorates, in coordination and cooperation with the United Nations Organization for Human Settlements.[/size]
[size=45]The ministry added that the population of these slums in Iraq is about 12 percent of the total population in Iraq, and that slums constitute about 16 percent of the total housing stock.[/size]
[size=45]She explained that she is working to address the problems of random gatherings through the application of equitable, effective and sustainable scientific solutions, as well as strengthening the capacities of local and central coordinating authorities to implement mechanisms to mitigate uncontrolled and random urban sprawl.[/size]
[size=45]For his part, the spokesman for the ministry, Abdul-Zahra Al-Hindawi, said that there are more than 4,000 slums distributed in all Iraqi governorates, and the capital, Baghdad, leads the governorates of Iraq in the number of slums with nearly 1,000 slums, followed by Basra governorate with 700 slums.[/size]
[size=45]Al-Hindawi indicated in previous press statements that the least Iraqi cities with the number of slums are Karbala governorate with 98 slums and Najaf governorate with 99 slums.[/size]
[size=45]Al-Hindawi revealed that his ministry has the intention of conducting a new survey, after the House of Representatives votes on the bill addressing slums, the first reading of which has been completed.[/size]
[size=45]He explained that this law was presented by the Council of Ministers to Parliament in the previous two sessions, and it reached the voting stage, but it was not approved. In order to achieve the purpose for which it was set.[/size]
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