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October 1, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: Iraqis are complaining about the high prices of residential units built in Baghdad, while the Iraqi government is working to find a way out to alleviate the housing crisis by developing less expensive cities and providing soft loans.
Despite the completion of dozens of investment residential complexes, the prices of residential complexes have now exceeded the means of living for Iraqis, as the prices of residential units in Baghdad range between 150 and 250 thousand dollars.
Member of the Parliamentary Investment Committee, Asaad Al-Bazouni, says that the housing crisis is becoming more difficult and will only be resolved with firm and strict measures through new controls that are adopted, indicating that there are serious steps from the government and regulatory authorities regarding this matter.
Activist Ziyad Al-Mashhadani tweeted that in some residential complexes in Ramadi and Fallujah, the down payment for each house reaches 50 million and the monthly installment is 2 million... that is, 3 times the salary of an Iraqi employee.
Tariq Anmar asks: Why are apartments in Baghdad more expensive than Istanbul, as the best apartment in Istanbul, with full services and a large area, is priced at 100 thousand dollars?
Academic Muhammad Al-Yasiri considered that building residential complexes is one of the doors to corruption that is legitimized to seize state lands.
Last September, the Country Director of the United Nations Human Settlements Program in Iraq, Wael Al-Ashhab, revealed a four-year project that addresses the housing crisis in Iraq, while noting the need for investments worth $17 billion in the reconstruction and housing sectors.
Engineer Adel Mahmoud talks about the technical and economic reasons behind the high prices of apartments and houses in Baghdad, including the high prices of raw materials, as the prices of building materials have risen significantly in recent years, which has led to an increase in the cost of building apartments and houses, and the demand for real estate in Baghdad has also increased in In recent years, the population has increased, in addition to the lack of supply that does not meet the demand for real estate in Baghdad, which has led to an increase in prices.
Money laundering increases real estate prices in Baghdad. Laundromat owners resort to buying real estate in Baghdad to hide the sources of their illegal money. Because real estate is a relatively rare commodity in Baghdad, it is in high demand, leading to higher prices.
Mahmoud talks about several methods that criminals use to launder money through real estate, including buying real estate in cash to avoid tracking the sources of the funds, or through fake companies to purchase real estate, which makes it difficult to trace the source of the money, or selling real estate at exaggerated prices, which creates a false demand for real estate.
Prepared by Muhammad Al-Khafaji
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