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Including the distribution of loans... government measures to reduce real estate prices in Iraq
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Economy News - Baghdad
Today, Wednesday, the Ministry of Construction, Housing and Public Municipalities announced measures to reduce real estate prices, and while indicating that loans would be granted to citizens to purchase housing units in new projects, it specified the state’s percentages of the lands served in these projects.
Ministry spokesman Nabil Al-Saffar told the official agency, followed by Al-Iqtisad News, that “the new residential cities, and according to the new company contract that is occurring for the first time in Iraq, is to take a percentage of those complexes and distribute them among societal groups,” noting that “the cities referred for implementation vary.” From one city to another, according to the number of housing units, geographical location, and population density of the governorates.”
He added, "The state will receive 25% of the lands served in Al-Jawahiri City, to be distributed among community groups, and in other cities the percentage ranges between 10%-25%," pointing out that "there will be loans for citizens to purchase these housing units."
He pointed out that "the Ministry seeks to increase the existing population stock in the country, given that the increase will result in a decrease in the prices of residential units and real estate located in Baghdad and the governorates," explaining that "the committee that was formed headed by the Minister of Construction and Housing will set controls and standards for the distribution of these units." In which vulnerable societal groups, those with limited income and the middle class were mainly targeted through several mechanisms, including the possibility of the state bearing 50% of the value of the housing unit in exchange for giving a loan to the citizen and repayment over many years.
He pointed out that "the issue of precise distribution took into account the inclusion of all existing groups to eliminate the housing crisis," stressing that "the Ministry is proceeding with the residential cities project, with the aim of lowering real estate prices."...
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Added 03/06/2024 - 11:47 AM
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Economy News - Baghdad
Today, Wednesday, the Ministry of Construction, Housing and Public Municipalities announced measures to reduce real estate prices, and while indicating that loans would be granted to citizens to purchase housing units in new projects, it specified the state’s percentages of the lands served in these projects.
Ministry spokesman Nabil Al-Saffar told the official agency, followed by Al-Iqtisad News, that “the new residential cities, and according to the new company contract that is occurring for the first time in Iraq, is to take a percentage of those complexes and distribute them among societal groups,” noting that “the cities referred for implementation vary.” From one city to another, according to the number of housing units, geographical location, and population density of the governorates.”
He added, "The state will receive 25% of the lands served in Al-Jawahiri City, to be distributed among community groups, and in other cities the percentage ranges between 10%-25%," pointing out that "there will be loans for citizens to purchase these housing units."
He pointed out that "the Ministry seeks to increase the existing population stock in the country, given that the increase will result in a decrease in the prices of residential units and real estate located in Baghdad and the governorates," explaining that "the committee that was formed headed by the Minister of Construction and Housing will set controls and standards for the distribution of these units." In which vulnerable societal groups, those with limited income and the middle class were mainly targeted through several mechanisms, including the possibility of the state bearing 50% of the value of the housing unit in exchange for giving a loan to the citizen and repayment over many years.
He pointed out that "the issue of precise distribution took into account the inclusion of all existing groups to eliminate the housing crisis," stressing that "the Ministry is proceeding with the residential cities project, with the aim of lowering real estate prices."...
110 views
Added 03/06/2024 - 11:47 AM
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