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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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    Recession hits the Erbil real estate market after the Iranian bombing and targeting of the American

    Rocky
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    Recession hits the Erbil real estate market after the Iranian bombing and targeting of the American Empty Recession hits the Erbil real estate market after the Iranian bombing and targeting of the American

    Post by Rocky Sat 27 Jan 2024, 4:53 am

    Recession hits the Erbil real estate market after the Iranian bombing and targeting of the American base

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    Erbil city



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    The dream of stability that Youssef Jameel (51 years old) had enjoyed for seven years in the Christian-majority town of Ainkawa in Erbil Governorate, the capital of the Iraqi Kurdistan region, was dashed when the sound of bombing reached his home and plunged his family into a fit of fear and panic.
    Before those seven years, Jamil moved from the Iraqi capital, Baghdad, to Ainkawa in search of safety, after increasing security threats to families in the capital, especially religious minorities, and he bought a house in the town instead of the one he sold in Baghdad.
    Jamil said, I bought this house; I found a job here in Ainkawa. Life continued, despite the inconveniences caused by high prices. But the latest wave of bombing threatens us with migration again.
    However, in mid-January, the town's surroundings were subjected to an Iranian bombardment using 11 missiles, targeting the home of an Iraqi businessman, killing him and two members of his family, as well as wounding others, claiming that it was the headquarters of the Israeli Mossad.
    The bombing sparked widespread reactions in Baghdad, which formed a government committee to investigate the incident and took the toughest stance toward Iranian attacks since the overthrow of former Iraqi President Saddam Hussein's regime in 2003.
    Fear and anxiety began to inhabit the city instead of peace and stability, according to Jamil, who said that the situation "has become dangerous, and we have begun to go on night guard duty to warn if bombing begins near the airport."
    This prompted the man to think about selling his house and seeking another shelter. But he said that real estate prices had fallen so much that the price of his house was no longer enough to buy another house in the Kurdistan region of Iraq.
    The real estate market in the region has been booming for years following the large urban movement at all levels.
    Lawan Khalil, the owner of a real estate office in Erbil, said that the prices of buying and selling real estate “are witnessing a noticeable decline, which has also been reflected in rents.”
    He added, "In light of the continuous bombing and attacks targeting Erbil, the city has become unpopular with Arabs who come from Baghdad and the provinces, as they have begun to prefer to buy houses and apartments in other more stable places in cities in the Kurdistan region, such as Sulaymaniyah or Dohuk, or to go to Turkey." .
    Khalil attributed the decline in real estate prices to other reasons as well, most notably “the economic crisis that the region is witnessing as a result of the failure to pay employees’ salaries on time, and the lack of sufficient financial liquidity.”
    He said, "We were relying on the residents of the central and southern governorates of Iraq, but with the security threats, the demand for real estate in Erbil no longer exists."
    Local media reported that the real estate market activity in Erbil decreased by 70% during the past two months, causing great damage to investors and workers in the real estate sector. Prices of apartments, houses and land also decreased by 25 percent.
    Hardi Muhammad (57 years old), the owner of a real estate office in the Ainkawa district, confirmed that prices witnessed a decline that he described as frightening as a result of the recent bombing operations, which led to a decline in the interest of businessmen and those with money to buy real estate.
    He said, "For more than a year, the real estate market has witnessed an unprecedented stagnation. Then the bombing operations came to reinforce that stagnation... The decline varied from one region to another and between one residential complex and another; but prices in first-class complexes witnessed a decline in the prices of apartments and villas by an amount ranging from 5-10 thousand dollars.”
    Hrdi describes the real estate market as having become "more like dead; most office owners come to their offices for the purpose of entertainment and to spend time, and movement has stopped."
    Sardar Omar, a specialist in economic affairs, believes that the situation remaining as it is “will mean complete paralysis in the real estate market in Erbil, since capitalists and real estate investors in any city think first about security stability.”
    Omar pointed out that most citizens coming from Baghdad and other governorates were buying houses in Erbil to live their families in or leaving them empty and exploiting them during holidays, feasts and special occasions.
    Omar said, "In light of the tense security situation as a result of the ongoing bombing operations, most Iraqi citizens no longer place Erbil as a priority for their destinations, whether by purchasing homes or renting for the purpose of housing or tourism."
    He considered that the media and social networking sites created "a public opinion about an unstable situation, an upcoming war, and ongoing conflicts, of which Erbil will be one of the arenas, if the conflict develops between the United States on the one hand and Iran and the armed factions on the other hand."
    This opinion is shared by Miran Saeed, a specialist in the Kurdish economy, who considered Erbil currently living in “conditions that make it an infertile environment for real estate investment.”
    He said, "Some of those who buy real estate in Erbil want to live in it, and the second group wants it for trade. After purchasing, they wait for a year or more and sell it at a higher price, especially in new complexes that are newly built... As a result of the ongoing bombing and the financial crisis, fears of buying Real estate, whether within luxury complexes or residential neighborhoods.”
    Rebin Salam, a member of the Kurdistan Democratic Party, considered the repeated targeting of Erbil by Iran and factions loyal to it “carrying messages against the region.”
    He said, "Many factions and parties do not like the urban and cultural development that Erbil has achieved in terms of distinctive buildings, services, and advanced residential complexes. Therefore, they have begun targeting the region under false pretexts and various pretexts."
    Salam believes that "the biggest goal of the issue of targeting American forces is to try to weaken the region and influence the development that has taken place there."
    He continued, "Despite the pressures we were subjected to from budget cuts, the ISIS war, and not sending employee salaries, etc., the regional government was able, with a limited budget, to build Erbil and make it one of the most important cities in the Middle East."
    A member of the ruling party in Erbil believes that “there is an attempt to keep businessmen and capital away from Erbil, by repeatedly targeting investors and trying to create a public opinion that the city is unstable; but this matter will not succeed, because everyone knows that Erbil is safe and the rate of crimes and terrorist targets there is high.” "A few."
    He added, "What is happening is bombing operations carried out by undisciplined and outlaw factions targeting Erbil from outside the region because the Iraqi government does not control those factions and does not expel them from nearby areas, especially the Nineveh Plain and Kirkuk regions (adjacent to the region)."
    Quoted from the Arab World News Agency


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