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[size=36]An economic center: the application of these measures will contribute to a decrease in real estate prices in Baghdad[/size]
Economy| 10:13 - 04/16/2023
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Baghdad - Mawazine News
The Iraqi Economic and Political Center suggested, on Sunday, the existence of "money laundering" operations that helped raise real estate prices in Baghdad and reach "massive" numbers that exceed what exists in well-known capitals and cities such as the British capital London and the emirate of Dubai in the Emirates, calling for audits. The sources of funds are supervised by international legal consulting firms.
The director of the center, Wissam Hammal Al-Helou, said in a statement received by Mawazine News, that "the last three years witnessed a huge and dramatic rise in real estate prices in the capital, Baghdad, both in residential and commercial areas, exceeding their counterparts in London and Dubai, as the price per square meter reached more than 12 thousand dollars."
He added, "This rise coincided with the occurrence of large corruption operations in the Iraqi state, including the theft of tax secretariats (the theft of the century) and others, and it became clear that the majority of its money was spent on buying real estate in commercial areas in Baghdad, and what is required of the government, the Federal Integrity Commission and the Central Bank of Iraq is to audit Sources of funds when applying to buy the property and before its data is recorded in the state real estate registry.
He continued, "We also suggest the use of an international legal consulting firm to review all sales contracts that the country has witnessed in recent years, whose numbers exceeded market prices during the sale period, and to ask the payers of the money to submit statements and documents confirming that they obtained the money through legitimate means."
Al-Helou praised the “movement of the Central Bank of Iraq, which should enter into force quickly, by adopting Iraqi banks in the process of buying and selling real estate whose value exceeds 500 million dinars, in order to combat money laundering by depositing the amount of the sold real estate in the banks, and then going through some procedures in the Iraqi Registration Department and the authorities.” other concern.”
And he stressed, "The application of these procedures strictly and judiciously without exceptions will limit the process of selling amounts at their prices as well as suspicious amounts and thus contribute to a decline in prices, especially since the majority of what happened in the sale and purchase of amounts of their value became clear through the investigations of the Integrity Commission that the sources of its funds were due to corruption and thefts of money." general".
Al-Helou called on the government to "reform the real estate registration system and make amendments to its law or other new legislation, especially since the current law dates back to 1971 and should be amended with new updates that keep pace with the current developments and address the loopholes that allow thieves of public money to own real estate at exaggerated prices while fixing decisions." There are binding clauses in it about the sources of funds.
Al-Helou concluded his statement by saying, “Also, changes must be made in the laws on the level of capital that oblige, for example, owners of funds not to repeat purchases at close intervals and encourage them to invest money in other sectors, especially productive economic sectors away from housing, while providing incentives, exceptions and tax exemptions in order to advance the economic reality.” Away from freezing money in real estate. Ended 29/N33
The Iraqi Economic and Political Center suggested, on Sunday, the existence of "money laundering" operations that helped raise real estate prices in Baghdad and reach "massive" numbers that exceed what exists in well-known capitals and cities such as the British capital London and the emirate of Dubai in the Emirates, calling for audits. The sources of funds are supervised by international legal consulting firms.
The director of the center, Wissam Hammal Al-Helou, said in a statement received by Mawazine News, that "the last three years witnessed a huge and dramatic rise in real estate prices in the capital, Baghdad, both in residential and commercial areas, exceeding their counterparts in London and Dubai, as the price per square meter reached more than 12 thousand dollars."
He added, "This rise coincided with the occurrence of large corruption operations in the Iraqi state, including the theft of tax secretariats (the theft of the century) and others, and it became clear that the majority of its money was spent on buying real estate in commercial areas in Baghdad, and what is required of the government, the Federal Integrity Commission and the Central Bank of Iraq is to audit Sources of funds when applying to buy the property and before its data is recorded in the state real estate registry.
He continued, "We also suggest the use of an international legal consulting firm to review all sales contracts that the country has witnessed in recent years, whose numbers exceeded market prices during the sale period, and to ask the payers of the money to submit statements and documents confirming that they obtained the money through legitimate means."
Al-Helou praised the “movement of the Central Bank of Iraq, which should enter into force quickly, by adopting Iraqi banks in the process of buying and selling real estate whose value exceeds 500 million dinars, in order to combat money laundering by depositing the amount of the sold real estate in the banks, and then going through some procedures in the Iraqi Registration Department and the authorities.” other concern.”
And he stressed, "The application of these procedures strictly and judiciously without exceptions will limit the process of selling amounts at their prices as well as suspicious amounts and thus contribute to a decline in prices, especially since the majority of what happened in the sale and purchase of amounts of their value became clear through the investigations of the Integrity Commission that the sources of its funds were due to corruption and thefts of money." general".
Al-Helou called on the government to "reform the real estate registration system and make amendments to its law or other new legislation, especially since the current law dates back to 1971 and should be amended with new updates that keep pace with the current developments and address the loopholes that allow thieves of public money to own real estate at exaggerated prices while fixing decisions." There are binding clauses in it about the sources of funds.
Al-Helou concluded his statement by saying, “Also, changes must be made in the laws on the level of capital that oblige, for example, owners of funds not to repeat purchases at close intervals and encourage them to invest money in other sectors, especially productive economic sectors away from housing, while providing incentives, exceptions and tax exemptions in order to advance the economic reality.” Away from freezing money in real estate. Ended 29/N33
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