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Housing loans.. Important steps to eliminate the real estate crisis
Economical 2023/07/17
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Baghdad: Shukran Al-Fatlawi
Specialists in the economic affairs praised the directions aimed at granting more construction loans and the purchase of housing units, stressing that the widening of this step would eliminate the housing crisis, reduce the rise in real estate and move the work of the private sector, while they called for the establishment of strict controls that limit the increase in the prices of those units. And it prevents the exploitation of citizens by the investing companies.
Economic specialists estimate that the country needs three million housing units, warning that the increasing population growth rates could exacerbate the crisis in the coming years, especially since the rates of that growth amounted to about 2.6%, while observers expressed their surprise at the continued rise in housing unit prices. Despite the expansion in building complexes.
In the midst of this, the head of the National Investment Commission, Haider Muhammad Makiya, directed the investment commissions in all governorates, the commitment of the investing companies to the prices proven in the economic feasibility studies according to which the investment license was granted and the payment of dues for the sale of housing units exclusively in Iraqi dinars, indicating that “the aim of this directive is to control The price of housing units in investment complexes after recording a set of indicators about the work of some companies executing projects and selling housing units at high prices.
Financial expert Dr. Amr Hisham said
For “Al-Sabah” that “the Central Bank has several initiatives related to the issue of housing, including the Real Estate Bank initiative in the amount of 150 million dinars for a period of 30 years and an administrative commission of 5 percent paid one time, and the initiative of the Housing Fund in the amount of 75 million dinars, and each of these initiatives has been allocated a total amount of about 5 Trillions of dinars.
Hisham promised that these initiatives are an economic stimulus in general, and they have a great ability to move the wheel of the real estate sector in particular, since investment is directed at the present time in a more general and comprehensive way towards the real estate sector, pointing out that these trends have many advantages and are not without defects, explaining that granting loans increases It stimulates the demand for units, and thus a rise in their prices. Surprisingly, the prices of some of these units have reached astronomical numbers and have become belonging to the high-income and wealthy people, and thus do not contribute to solving the housing crisis.
As for the positives, Hisham indicated that it has preserved the real estate sector from collapse and the continuation of investments in it because most countries encourage the need for urban renaissance and support the continuation of work in the housing and real estate sectors, pointing to the need to systematize matters and study them to produce better results away from procrastination and generating pressures on prices. The lands inside Baghdad suffer from insanely high altitudes.
For his part, the economist, Manaf Al-Sayegh, expressed his surprise at setting incapacitating conditions by banks with the aim of obtaining housing loans, calling for the imposition of real precautionary restrictions to prevent the fears of those banks not to return the sums they granted to citizens.
According to Al-Sayegh, banking laws have become a heavy burden on economic performance in Iraq and commercial activity, as there is an absence of services provided to citizens, and the search for high profitability in any activity they undertake without regard to other societal aspects, in addition to the high interest imposed on advances and loans, and unfair conditions. Which accompanies the granting of these funds to citizens, stressing that the continuation of the construction process generates many job opportunities and drives the wheel of the private sector, especially the factories associated with the construction sector.
And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, had stated earlier, that "the initiative of the Central Bank of the Housing Fund has not stopped, but there are procedures within the Central Bank that caused delays in funding the fund."
He added, "The fund's announcement that the allocation has run out and that it has not allocated other amounts within the initiative came due to the increasing demand for housing loans."
The Housing Fund announced earlier that it would stop lending within the Central Bank's initiative due to the depletion of allocations and the failure to allocate other amounts within the initiative, which forced the Fund to lend from within its own resources.
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