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Experts: Housing projects do not meet the need
Economical 11/12/2023
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Baghdad: Shukran Al-Fatlawi
Experts and those interested in economic affairs unanimously agree that the country is suffering from a stifling housing crisis, and that the housing projects being built do not meet ambitions and do not serve the middle and poor classes. Rather, they are projects for people with high incomes, stressing the necessity of further expansion in granting construction loans and purchasing housing units. Provided that it is distributed fairly among eligible employees, retirees, and workers in the private sector.
The astonishment of economic affairs specialists at the “inflammatory price scale” for residential units coincides with the recommendations that the Supreme Population Council came out with, during the meeting chaired by Prime Minister Muhammad Shiaa Al-Sudani, which stressed the necessity of supporting and implementing development programs concerned with the axes of population policy in the country.
Despite the expansion in the construction of residential complexes in various parts of the country, the prices of these units witnessed unprecedented rises, which exacerbated the housing crisis instead of solving it, as it is difficult for people with low incomes, employees, and retirees to purchase their housing units as a result of the continuous rise in prices.
Economic specialists estimate that the country needs three 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%.
In an image that confirms the government’s determination to put an end to the high prices of residential units, the head of the National Investment Authority, Haider Muhammad Makkiya, had previously directed the investment authorities in all governorates to ensure that investing companies adhere to the prices established by the economic feasibility studies according to which the investment license was granted and the dues for the sale of the units are paid. Residential units are denominated exclusively in the Iraqi dinar, indicating that “the aim of this directive is to control the price of residential units in investment complexes after recording a set of indicators about the work of some companies implementing projects and selling residential units at high prices.”
The human rights activist, Thabat Al-Sudani, who is interested in economic affairs, explained to Al-Sabah that encouraging investment and building housing projects in any country works to enhance economic growth and improve the quality of life, in addition to enhancing revenues and achieving financial returns for the national income, but this approach is different for us, as These projects have gone beyond their true framework as an investment, but have become a trade in the rights of the citizen and the rights he owns on state land.
Al-Sudani added that the price of a residential unit is greatly exaggerated, sometimes reaching four times the cost of construction, in addition to the fact that it does not fit the specifications and urban developments in the world, not to mention the crises these projects cause because they are not studied by specialists, as they have become a trade in public money. The burden is borne by the citizen through the many debts and high interest rates.
The speaker called for the importance of contracting with reputable international companies to build residential cities, and not repeating the problem of delay in building projects, accompanied by focusing on building them on the outskirts of cities and moving away from the center to reduce the momentum and the trend towards vertical construction, and these are standards that many countries have begun to take into consideration. Because of its importance.
Economist Imad Al-Mohammadawi told Al-Sabah: “Not granting land for free to investors according to recent statements by the Ministry of Construction, Housing and Public Municipalities, as a result of citizens’ complaints about selling residential units at high prices, is a good step on the path to investment.”
It was recently announced by the Ministry of Construction, Housing and Public Municipalities, with regard to the housing sector, that “the government, for the first time, does not grant land for free to investors, as a result of citizens’ complaints that investment projects are sold at high prices, amounting to four times the cost of construction for these projects, as the land is granted An almost free amount of 2 percent of its real value for residential investment purposes.”
The Minister of Construction, Housing and Public Municipalities, Benkin Rekani, also recently announced government measures that will contribute to reducing real estate prices, while indicating the imminent launch of new residential city projects throughout the country.
Rikani added in a press conference, followed by “Al-Sabah” that “the Ministry is currently implementing 306 projects throughout Iraq in the road sectors, as more than 90 projects have begun to be implemented in the fields of roads, water and sewerage, and also in the housing sector, which is considered the weakest and does not meet the ambition, except The government's focus, from day one, and Prime Minister Muhammad Shia'a Al-Sudani's program, was mainly on two sectors: the housing sector and the road sector.
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