It explained its strategy for determining housing unit prices...

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[size=52]It explained its strategy for determining housing unit prices...[/size]

[size=45]The Ministry of Construction and Housing reveals to Al-Zawraa its plans to support and develop the housing sector in Iraq
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02/13/2024
Mustafa Falih:
The Ministry of Construction and Housing revealed its plans to support and develop the housing sector in Iraq, while clarifying its strategy regarding determining the prices of residential units.
The Ministry’s spokesman, Nabil Al-Saffar, said in an interview: “Our plans, within what was stated in the government program, are to move towards new residential cities that provide thousands of housing units instead of the existing complexes, but do not meet the need.” He added, “Within a new strategy, we laid the foundation stone.” For the city of Al-Jawahiri, we also signed a contract for the city of Ali Al-Wardi with regard to Baghdad, and there are also three cities that have been transferred in Mosul, Karbala, and Al-Hilla, and we are proceeding with the establishment of other cities.” He stressed that “the basis of the project came to the poor and middle classes and those with limited income through the new partnership formulas that were followed with these people.” Developers and investors give percentages of these units to the state, and the state distributes them to the eligible beneficiaries, and the rest is at subsidized prices, while providing loans to finance the purchase of this unit. It will provide thirty thousand housing units in addition to ten thousand serviced plots of land, meaning forty thousand, and the city of Ali al-Wardi will contain 120 thousand housing units, and in the future there will certainly be new cities that include Iraq as a whole,” pointing out that “there is Sadr City, which is one of the duties and responsibilities of the Baghdad Municipality and this city.” Approximately about seventy thousand housing units.” He explained, “The project is proceeding in the direction of cities during the allocation of lands. In the past, our problem was the lands, as there were unserved lands with encroachments and expropriations, but the current trend is towards removing all obstacles, preparing these lands, sorting them, expropriating them, removing all existing conflicts, and handing them over to municipal institutions for the purpose of establishing these complexes and cities.” He stressed that “providing housing units without controlling prices is incomplete, but we addressed this issue through the contract formulas that we concluded with the developers by specifying a clear paragraph and text in the contract, which is not to speculate at these prices, according to the feasibility study, of course, according to which the price per square meter will be.” One square in exchange for a profit margin for the investor, given that the latter has the right to benefit.” He pointed out that “the lands were previously given to investors for a very small cash allowance, and the state did not benefit, but now, when we give these lands, we will take a percentage of the existing housing units.” He pointed out that “the issue of purchasing units by citizens has become a subject of trading. Most owners of large capital have traded in buildings on the basis that there is supply, demand, and need for these units. Therefore, we took this into consideration and fixed a clause in the contract that prevents speculation in prices and prevents a person from purchasing more than one residential unit.” .[/size]
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