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Najaf Investment: We put an end to speculation in residential units
Economical 06/12/2024
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The real estate market in Najaf witnessed a huge rise in prices during the last three months, and this rise included all types of real estate, such as lands, houses, and residential units within investment residential complexes, while the Investment Authority talks about setting several controls to limit speculation in residential units in the complexes. .
Abu Ahmed, the owner of a real estate brokerage office in the governorate, says: “It is no secret that real estate trading is one of the safest and most profitable types of trade, but the sudden rise in prices during the last three months was not expected.” Pointing out that the rise in real estate prices began several years ago, coinciding with the launch of the housing initiative, but the cessation of the initiative approximately two years ago led to a relative cooling in the real estate market, and it resumed its rise during the past few months.
Regarding real estate prices during this period, Abu Ahmed mentioned, “For example, the areas where the price per square meter of land did not exceed 750 thousand dinars rose to reach about one million and 250 thousand dinars. As for the areas where the price per square meter was one million and 500 thousand, it rose.” The price per meter reaches three million and 500 thousand dinars.
Zuhair Aziz, a 30-year-old employee, tells Al-Sabah his experience when he wanted to obtain a residential unit in one of the complexes. Aziz says: “I read an announcement on Facebook about the launch of marketing in one of the residential complexes, so I went on the appointed day before eight o’clock in the morning, to find... A long queue at the marketing center turned into a huge crowd when the reservation process began. When we asked him about “Al-Taluah,” he responded sarcastically, “It has become outdated because speculation has now moved to the receipt of the reservation of the housing unit, or what is known as (the coin).”
Aziz continued, “When I arrived at the marketing center site, I discovered that most of those present do not want to buy a residential unit, but rather are speculators who buy a receipt to reserve the residential unit and then sell the receipt, or what is known as (the coin), for an amount that sometimes reaches ten million dinars.” He added, “As for those who continue and pay the down payment, they are waiting for the investor to start building and sell the residential unit after obtaining the (aspirational) amount from the new buyer. There are many residential units displayed in real estate brokerage offices that are bought and sold in this way.”
For its part, the Najaf Investment Authority granted many investment licenses in the residential sector, but this did not have a significant impact on the prices of real estate and residential homes in the governorate. Firas Al-Issawi, deputy head of the Najaf Investment Authority, told (Al-Sabah): The number of licenses granted in the residential sector So far, 43 permits have been granted, and 11 residential complexes have been completely completed, with a total of 8,424 housing units. There are complexes that completed stages of work and delivered housing units to beneficiaries before the complex was fully completed. Indicating that there are 23 complexes under implementation, in addition to nine complexes in the stage of concluding the contract to hand over the land. Al-Issawi said: The Authority has established several controls to limit speculation in residential units in complexes, including preventing the investor from selling more than one residential unit to the same beneficiary, as well as preventing the beneficiary from selling the residential unit until one year has passed from the date of purchase. He explained that what raises the prices of residential units in the complexes is the increasing demand for them, due to the large increase in population, and the fact that Najaf is one of the cities that attracts residence due to its growing commercial and economic activity.
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