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Government moves to control housing prices
Economical 2023/05/06
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Baghdad: Shukran Al-Fatlawi
Specialists in economic affairs stressed the need for the government to redouble its moves aimed at controlling real estate prices in Baghdad in particular, and in the rest of the Iraqi cities, especially after the insane rises witnessed recently, which led to an almost complete inability of employees, retirees, and vulnerable groups to acquire housing. While the specialists suggested that government agencies enter the competition market with the aim of curbing prices, the Central Bank affirmed its continuation in providing financing to the Real Estate Bank and the Housing Fund to grant loans to citizens, indicating that it had allocated an amount of 18 trillion dinars for this purpose.
In a move aimed at curbing the continuous insane rise in housing prices, the National Investment Commission confirmed the issuance of several decisions regarding the rise in housing unit prices, while indicating the formation of a committee in this regard.
The official spokesman for the authority, Muthanna Al-Ghanmi, stated, in a statement carried by the Iraqi News Agency, "INA", that "the investment law did not include setting sale prices, but rather the issue is a competition between investors, but the law prohibits speculation in prices after choosing the investment company," pointing out that "The demand for owning housing units is more than the available supply, which led to an increase in unit prices."
He pointed out that "the National Commission for Investment has taken several decisions regarding price hikes, including obligating the investor to sell housing units in Iraqi dinars, as well as obligating him to set prices in economic and technical feasibility studies and not to speculate on prices in accordance with the investment law."
And he added, "Several books were issued by the federal government and the National Investment Commission, and a committee was formed for the purpose of following up the prices of housing units and comparing them with feasibility studies for the project," revealing at the same time that the number of residential complexes in Baghdad had reached 46.
Economist Dr. Nabil Al-Marsoumi told Al-Sabah: "The Central Bank's initiative has been going on since 2015 for various purposes, including providing real estate bank financing and a housing fund to grant loans to citizens," pointing out that the total initiative rose to 18 trillion dinars, which contributed to raising the capital. The Real Estate Bank and the Housing Fund, as it increased their ability to provide housing loans to citizens at reasonable interest rates and for a long period of time.
Al Marsoumi expressed his optimism about the initiative's positivity and importance due to the provisions it contains that facilitate the process of buying a housing unit, as well as its role in increasing development rates, by creating forward and backward links with the rest of the national economy sectors, employing a lot of manpower, providing many job opportunities and moving them to the construction materials markets. And armament and all production requirements, as well as stimulating the transportation and service sectors.
Al-Marsoumi added that this initiative and others work in conjunction with the Prime Minister's initiative aimed at building 90,000 housing units in Sadr City on an area of 4,000 acres, pointing out that these initiatives are capable of stimulating the effectiveness of the Iraqi economy and moving it from a state of stagnation to a stage of recovery.
For his part, the researcher on economic affairs, Imad Al-Muhammadawi, explained in an interview with "Al-Sabah" that the country has been suffering from a suffocating and continuous crisis for decades, which requires a reconstruction revolution in which all relevant parties contribute, pointing to the need to maintain housing initiatives and the purchase of units in particular and with the lowest benefits. possible and in the easiest way to relieve the burden of citizens who are tired of the long wait.
Al-Muhammadawi believes that it is necessary to "double funding for the Real Estate Bank and the Housing Fund to grant housing loans to citizens, and to contribute to resolving the crisis, especially in low-cost housing complexes, similar to the rest of the countries that managed to eliminate slums, expressing his hope for a tangible vision to solve the crisis and complete the lag projects and complete their completion in The specified time.
The economic researcher pointed out that the statistics indicate the country's need for more than 4 million housing units, in addition to the presence of more than 4,000 random compounds throughout the country, all of which need a real effort to eliminate this huge percentage of them, by building complexes on the outskirts of cities, as is the case. In all countries that are looking for solutions to the crisis, not within the cities and the increase in differences and overcrowding from which the capital is already suffering.
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