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Haidar Makiya to {Al-Sabah}: The prices of housing units depend on supply and demand
Economical 2023/05/21
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The National Investment Commission was keen to oblige investors in the housing sector to pay the installments of housing units in Iraqi dinars, while the prices of housing units were mortgaged to the supply and demand base.
The head of the National Commission, Haider Muhammad Makiya, said, in an interview with "Al-Sabah": "The government program of Prime Minister Muhammad Shia'a Al-Sudani strongly supports the investment file in the country, stressing that the current trend is focused on establishing new cities similar to the city of Bismayah, for the purpose of withdrawing momentum to outside the main cities.
At the same time, Makiya strongly criticized what he called "campaigns of distortion and intimidation regarding this important and vital file," because he believes that these campaigns "harm Iraq's investment reputation, and thwart attempts to encourage and attract investment, as the National Commission works to activate market mechanisms to determine prices from Through the interaction of supply and demand, in a sound environment that guarantees the rights of the investor and the consumer together.
He added that "Investment Law No. 13 of 2006 did not include setting sale prices, because the process is part of competition, and this is what is in effect in most countries that encourage investment and provide full facilities to local and foreign investors."
Makiya explained the rise in prices by the fact that "the demand for owning housing units is greater than the available supply, so this natural rise occurs," noting that "this situation exists in all countries of the world, especially with projects implemented by the private sector."
He continued, "Government complex projects are among the tasks of the Ministry of Construction and Housing, and due to the lack of completion of these projects, the trend has become towards private sector projects for the purpose of implementing housing projects that meet the citizen's need in terms of the quality of the housing unit, the services included in it, and the specifications."
And the head of the Investment Commission went on to say that it was circulated to the investment commissions in the provinces that the Iraqi dinar be adopted in the process of paying dues related to housing units in investment housing complexes that obtain investment licenses through the legal contexts approved by the Baghdad Investment Commission and the rest of the bodies in the provinces, and that these procedures come as a continuation of the steps taken The ministerial approach adopted by the Iraqi government to contain and deal with the attempts of speculators in currency rates, and the implementation of plans related to expanding investment transactions within the limits of the local currency in various approved projects, provided that each investment company opens an account in Iraqi banks with a special account mechanism in the dollar currency and at a price of 1310 Dinars per dollar, and the housing units’ installments are deposited in Iraqi dinars, at a price of 1320 dinars per dollar, without additional burdens for citizens.
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Makiya pointed out that "the National Investment Commission took decisions according to which it obligated the investor to the prices specified in the economic and technical feasibility studies, and not to speculate, and several books were issued by the federal government and by 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."
Regarding the most important current housing projects in Baghdad that are under implementation, the head of the commission stated that "housing projects in Baghdad are approved by the Baghdad Investment Commission, as it is the body concerned with those complexes, as it is the body responsible for Baghdad, with regard to small and medium projects that it deals with, like the rest of the concerned bodies In each governorate, explaining that the National Investment Commission is concerned with strategic projects according to the amended Investment Law No. 13 of 2006.
As for the projects planned to be implemented by the Commission, Makiya explained that it "depends on the lands that are allocated for housing projects by the sectoral authorities concerned with land specialization, such as the Municipality of Baghdad, state real estate, and public municipalities, according to the vision of the National Commission for Investment in the nature of the project and the nature of services," explaining that "the Commission It works with the concerned authorities to develop master plans for the establishment of new urban cities outside the city center, similar to the city of Bismayah, for the purpose of pulling momentum outside the main cities while providing services and infrastructure.
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He pointed out that the capital, Baghdad, needs urban complexes, whether the luxurious ones that reflect the Iraqi urban ambition and meet a pattern of growing demand in the market, or those residential complexes that are less expensive. Baghdad and the urban planning departments. No project can be implemented without the approval of the sectoral authority that owns the land.
He also pointed out that the authority is working to rearrange the priority according to the actual need, with the imposition of some provisions that preserve the rights of the citizen and the state, and including them in the investment contract, in addition to placing legal obligations on investment companies in the residential sector.
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