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Specialists: Middle segments are “incapable” of securing a housing unit
Economical 10/16/2023
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Baghdad: Haider Falih Al-Rubaie
and Hussein Thaghb
Economic circles welcomed the opening of the Housing Fund, the electronic application for construction loans, in a step aimed at eliminating the housing crisis that has spread frighteningly throughout all governorates, and which is mainly resulting, according to a number of observers, from a significant rise in prices. Real estate, which caused an “almost complete” deficit in the ability of the middle and poor segments to secure a housing unit.
Real estate prices have been witnessing continuous increases for a long time, which has significantly affected people with limited incomes who face extreme difficulties in purchasing them, despite the expansion in the construction of residential complexes, whose prices have also witnessed increases described as “unjustified,” which many observers have called for. To demand that the government build housing units and sell them to employees and retirees at reasonable prices, with the aim of creating a state of competition with investing companies, and in order to limit the “crazy” rise in real estate prices.
Economic specialists estimate that the country needs approximately 4 million housing units, warning that increasing rates of population growth could exacerbate the crisis in the coming years, especially since the rates of that growth reached about 2.6 percent.
According to a statement received by Al-Sabah, the fund was divided into the Iraqi governorates on days of the week, calling on citizens to apply directly through its website without the need to go to offices and intermediaries, stressing that “the application process is easy, simplified and flexible, and any citizen can apply easily.” He also
urged The Fund, according to the statement, “citizens must apply directly through its website, without going to offices or intermediaries.”
Immediately after the launch of the Housing Fund loans, member of the Baghdad Economic Forum, Jassem Al-Aradi, described housing loans as useful, except that the country needs approximately 4 million units. This matter requires major efforts in order to alleviate the population pressure that cities are witnessing.
He pointed out that the lending circle for residential units must be expanded in a way that serves the largest segment of citizens. The lending circle must be expanded and it should target employees first and include other segments according to Acceptable controls, zero interest, and long repayment periods.
He highlighted the importance of directing loans to integrated housing projects that give the citizen a key. In this way, we can ensure that loans are directed in the right direction that addresses the housing crisis and gives the concerned authorities ease in assessing the reality of lending.
Economic affairs specialist, Ahmed Mamoul Al-Nisani, said: The housing sector in Iraq needs a great effort to implement new projects with international specifications in all regions of the country, and in light of the efforts of national capabilities that have the capabilities to implement quality projects, the need for financing remains urgent to create housing projects that suit all levels of population. The country.
He pointed out that the loans granted by the Housing Fund represent part of the solution, but in any case, capital will enter the labor market and create an economic cycle that benefits a wide segment of workers in various sectors, since the housing sector drives most sectors, and thus we have addressed a small part of the problem. Population pressure.
The Central Bank of Iraq has allocated 6 trillion dinars since 2015 to launch two housing loan initiatives. The first is a five trillion dinar initiative that went to sectoral banks, which are industrial, agricultural, real estate, and the Housing Fund, and the one trillion dinar initiative went to private banks.
At the end of the year 2021, the Central Bank of Iraq decided to increase the housing initiative’s allocations to the Real Estate Bank and the Housing Fund by an amount of (2.6) trillion Iraqi dinars.
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