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House rents jump to a record level in Baghdad
Economical 05/28/2024
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House rental prices in Baghdad, even in its peripheral neighborhoods, have reached a record level that has directly affected the middle and poor classes with limited income.
Despite the fluctuation in the level of services, such as water, sanitation, and electricity, between existence and non-existence, and the intermittency between one region and another in the capital, this did not prevent property owners from raising rental prices without the slightest oversight.
The modern residential complexes spread throughout the capital did not add anything to solving the housing crisis, as only those of the affluent social class were able to purchase them due to the high prices of their prices, and the lack of state intervention in determining them, which added another burden to the worsening crisis in the country for years.
The specialist in real estate affairs, Muhammad Al-Shammari, explained to “Al-Sabah” that the population density in Baghdad plays a fundamental role in increasing the severity of the housing crisis, as even the peripheral areas have become crowded with large numbers of citizens who are in need of housing and services, which has been reflected in the distortion of the areas through Dismembering homes and increasing the burden on basic services.
He added that house rental prices rose due to increased demand, ranging from 500 thousand dinars to up to one million dinars if the house is large. There are houses with somewhat old construction that are rented for up to 400 thousand dinars, while in upscale areas they reach several times that, whether for... For shops or homes.
Al-Shammari explained that buying houses in agricultural areas has become more complicated, as their prices were acceptable in the beginning and the employee could take out a loan and buy either a plot of land or a small house there, but the crisis also affected them and pushed their prices to rise even more, and in some areas they became comparable to landfill neighbourhoods.
He continued that there are neighborhoods in the capital, especially on its outskirts, that need basic services extended to them by government agencies, as it is possible that large numbers of citizens will live in them while waiting for the crisis to be resolved.
The government is thinking about establishing residential cities adjacent to the capital, such as Ali Al-Wardi City and Al-Jawahiri City, but they require years to implement, which makes housing solutions long-term.
As for the real estate auctioneer in the Al-Ilam District area in Baghdad, Abu Muhammad Al-Rubaie, he told “Al-Sabah”: Most citizens can no longer buy a residential house due to the significant increase in prices, as the price per square meter in the area reached three million dinars and more depending on the location of the house and a little less. If it is a piece of land, but in residential complexes, their prices have also increased exaggeratedly, whether for rent or purchase.
He added that capital owners often resort to buying large houses, demolishing them, then dividing them into houses or apartments and renting them out or selling them at very low prices. This does not represent a solution to provide housing for the poor or middle class, so government agencies must intervene and find fair solutions. .
For his part, economic expert Mustafa Hantoush told Al-Sabah: The real estate market has risen over the past years to 150 percent.
He explained that the exaggerated prices of residential apartments in the new complexes were reflected in homes in the rest of the areas, which also witnessed a remarkable rise, in addition to the lack of economic complexes.
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