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The Investment Authority told Al-Sabah: It took action to prevent price increases in residential com

Rocky

Rocky: Admin Assist; Posts : 277718
Join date : 2012-12-21

Post n°1

The Investment Authority told Al-Sabah: It took action to prevent price increases in residential com

by Rocky Sun 12 Mar 2023, 4:37 am

The Investment Authority told Al-Sabah: It took action to prevent price increases in residential complexes

Economical 2023/03/12
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Haider Al-Athari

The head of the National Investment Commission, Haider Makiya, revealed "new measures" against investors to control the prices of housing units, after monitoring violations of the terms of the agreement concluded between the investor and the citizen.
The capital, Baghdad, is witnessing an unprecedented rise in the prices of housing units in investment complexes, as the price per square meter is not less than $1,000, whether it is an apartment or a house, despite the facilities granted to investors.
He said in a special statement to “Al-Sabah”: “The investment law and government procedures grant investors several facilities, most notably customs exemption for construction materials, free land, as well as large soft loans from banks in accordance with the investment laws in force.
He added, "These privileges are not consistent with the volume of services and amounts received from citizens," stressing that "new procedures will be witnessed in the investment file to implement laws and implement the terms of the contract between the investor and the citizen, away from the rise in some projects according to the high demand for housing units in terms of supply and demand."
Makiya revealed, "The authority's direction in the coming period is to control the rhythm of housing unit prices in accordance with the laws and controls in force through government-supported decisions that are binding to do justice to the segment of those who are about to buy housing units, after it detected numerous violations in a number of projects, by opening the sales door to attract citizens and after that Residential cities are witnessing a demand, and prices are being raised without any justification.
And the head of the National Commission added, "For each investment project, a feasibility study is established in which a price for the housing unit is established, and the investor adheres to it. In light of this, the investment license is granted, pointing out that the investment law prohibits speculation in prices.
He pointed out that "the investor amends the land and establishes infrastructure projects, and then completes the construction and completes the buildings needed by each residential city, followed by the stage of building the housing units, and then handing over the units to those who deserve them according to the specified security ceiling between the two parties."
It is estimated that the country needs approximately 3.5 million housing units to meet the requirements of the current housing crisis, and there is a need for an additional 250,000 housing units each year.
The head of the National Investment Commission had directed the investment commissions in Baghdad and the provinces to adopt the Iraqi dinar in the process of paying dues related to housing units in investment residential complexes that obtained investment licenses through the legal contexts approved by the Baghdad Investment Commission and the rest of the provinces.
The head of the authority said: “These measures come as a continuation of the steps of the ministerial approach adopted by the government in cordoning off and addressing the attempts of speculators in foreign currency prices, and implementing plans related to expanding investment transactions within the limits of the local currency in various approved projects granted by the authority.”
Makiya stressed “the need for investment commissions to deposit housing unit installments in their accounts at an exchange rate of 1320 dinars per dollar without additional burdens for registered citizens, through the investing companies opening a special account in Iraqi banks with an account mechanism (different currency) in the dollar currency and at an exchange rate of 1310 dinars per dollar.
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The Investment Authority told Al-Sabah: It took action to prevent price increases in residential com

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