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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    "The solution is in the hands of the Central Bank"... What is the reason for the high prices of inve

    Rocky
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    "The solution is in the hands of the Central Bank"... What is the reason for the high prices of inve Empty "The solution is in the hands of the Central Bank"... What is the reason for the high prices of inve

    Post by Rocky Wed 23 Aug 2023, 4:14 am

    "The solution is in the hands of the Central Bank"... What is the reason for the high prices of investment housing units?

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    Baghdad today - Baghdad
    The expert in economic affairs, Nabil Jabbar Al-Tamimi, confirmed today, Tuesday (August 22, 2023), that if the Central Bank’s housing initiative to purchase housing units in investment projects is stopped, prices in those projects will be reduced by half.
    Al-Tamimi told "Baghdad Today" that "the Central Bank's housing initiative to purchase housing units in investment projects fueled the demand for these units, which investors took advantage of when they raised unit prices more than double, and nearly three times the cost of construction."
    He added that "these facilities led to the provision of a flexible payment method for borrowers, especially from the employee class, but in return it caused an increase in prices." 
    He pointed out that "today, lending initiatives from the Central Bank and government banks are required to be directed towards projects that the state is establishing in new residential cities, as a kind of incentive and encouragement, and to ensure that demand is directed towards those cities that do not enjoy importance and popularity today, as they are cities far from economic and social interests." .
    Conditional sales 
    On April 18, 2023, the Central Bank of Iraq announced its decision to supervise the sale of real estate through banks, in coordination with the real estate registration departments, to prevent money laundering .
    The central bank stated that the sale of any real estate whose value exceeds 500 million Iraqi dinars ($378,000) will be conditional on putting the money in banks and giving notice to the real estate registration department before starting the property transfer transaction .
    This step will include all real estate sales and purchases during the coming months, according to the Central Bank of Iraq, which called on Iraqi banks not to facilitate these operations and not to deduct large sums from real estate dealers.
    The Ministry of Construction is on the line
    And  the Ministry of Construction, Housing and Municipalities confirmed, last June, the setting of a condition obligating investors not to speculate on the prices of housing units within the new investment projects to ensure that they are sold at specific and reasonable prices. 
    The ministry's spokesman, Nabil Al-Saffar, said in a press statement, "The most important points that were imposed on investors is not to speculate in prices, and were placed in the conditions of submission on the website to apply for the establishment of new housing projects, and these conditions would ensure the stability of prices and the sale of units at specific and reasonable prices. "
    He added, "What happened previously in terms of speculation came due to the lack of application of price controls as a result of things including supply and demand, as well as the existence of money laundering cases in the purchase of real estate, the latest exaggeration, and the government paid attention to this issue and binding conditions were imposed on investors before contracting." 
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