Affordable housing units
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The Ministry of Construction and Housing said, yesterday, Saturday, that the projects of new residential cities, including investment projects, mainly target the middle and poor classes, while it pointed out that a text in construction contracts obliges investors to sell units at reasonable prices
"The new residential city projects, including the five investment opportunities that were announced yesterday, mainly target the middle and poor classes," ministry spokesman Nabil Al-Saffar told the Iraqi News Agency (INA). He added, "A clause has been added that binds investors to sell units at reasonable prices and not to speculate on prices, and this was fixed in the private investment contract."
He continued, "The start-up period for the five projects requires a month to open bids and another for referral, after which the implementation process begins." Earlier, the head of the Investment Authority confirmed that "the five investment cities that were announced yesterday will be established in the governorates of Baghdad, Babil, Karbala, Anbar and Nineveh, and they will be sustainable and green, and thermal and sound insulation systems will be applied in them, and they can be called smart cities.
He added, "There is no difference between local or foreign investors, and what is important to us is that the construction process is implemented according to the highest standards and specifications, and these cities will be served by roads and infrastructure."
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