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The stagnation of the real estate market in Erbil
Iraq 09/24/2023
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Erbil: Sondos Abdul Wahab
The real estate market in Erbil Governorate and other cities affiliated with it is witnessing a stagnation in buying, selling and renting operations, especially in residential complexes, in light of a number of service problems, including the rise in fuel prices, the adoption of the pre-payment system for electricity and the scarcity of water, in addition to the return of many From families to their governorates. The specialist in economic affairs, Abdullah Ahmed, told “Al-Sabah”: The successive crises in the governorates of the region in general, the most important of which are the interruption of employee salaries and the rise in gasoline prices, in addition to converting electrical power in homes and apartments to a prepaid system and limiting it to 30 or 40 amps only, and the scarcity Water in a number of areas, especially old ones in the summer, has put the real estate market in a very low state and prices have deteriorated.
He added that the regional and federal governments must find appropriate solutions to overcome the crises that Kurdistan witnesses from time to time, because the simple citizen is the biggest loser as a result of its impact on his economic situation and the deterioration of his living condition.
In turn, Salim Hama, a real estate owner in one of the residential complexes in Erbil, told Al-Sabah: The city of Erbil is witnessing a major recession and deterioration in the real estate market for primarily political reasons, as we find that prices have decreased, explaining that the price of a house with an area of 250 square meters Which consists of two floors in one of the residential complexes with a good standard in terms of construction and services, previously reached an amount of 340 million dinars, but now it has decreased to approximately 280 million dinars, as well as a house with an area of 200 meters, which previously reached 280 million dinars, Today, its price is approximately 230 million dinars, and the same applies to the prices of residential apartments, whether inside the city or its outskirts. He noted that the recent earthquakes that struck Turkey and the collapse of residential buildings also affected real estate markets, as some citizens became afraid of living in residential buildings.
Hama stated that many investment companies in the field of building residential complexes, especially on the outskirts of the city on the 120th Street and 150th Street, are continuing their work, and are making many offers in order to attract buyers, and payment is in installments, but we find that the recession continues and there is no demand in light of the large number of Offer at the moment.
He pointed out that the return of many Arabs to their governorates after they stabilized also contributed to the stagnation of prices during this period, that is, before the start of the school year, and what also helped in this was the rise in the prices of necessary services such as gasoline, as the price of a liter of refined gasoline reached 1,375 dinars, and a gas cylinder ranged between 8 To 10 thousand dinars, while commercial gas is no less than 14 thousand dinars and rises in other regions, and sometimes reaches 25 thousand dinars in the winter, and the price of oil also gradually increases at the beginning of the fall, and continues until the end of the winter.
He pointed out that in the past months, the regional government gradually began adopting a system of prepayment for electric energy fees in some residential complexes by purchasing recharge cards, and when they run out according to use, another card is purchased, and the price of the card was set at 56 thousand dinars, and 112 thousand dinars according to The desire of the citizen, and there are families who cannot buy the card, and have become economical in their use, and most of them have dispensed with the use of air conditioners and replaced them with refrigerators due to not spending a lot of electricity, while reducing the use of lighting and electrical materials in general.
Hama mentioned that many residential areas, especially old ones, suffer from water scarcity in the summer, and therefore citizens resort to buying water from vehicles, and the price of water in a large vehicle reaches approximately $200, which is sufficient for a large family for several days.
Edited by: Ali Mowafaq
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