An economist explains the causes of the housing crisis and confirms: New cities are the solution to

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[size=52]An economist explains the causes of the housing crisis and confirms: New cities are the solution to the rise in the real estate market[/size]

[size=45]Mustafa Hantoush, a specialist in financial and economic affairs, confirmed that new cities are the ideal solution to the rise in the real estate market and the housing crisis in Iraq, while separating the types of real estate, indicating that the country needs two and a half million housing units to end the crisis.[/size]
[size=45]The specialist in economic affairs, Mustafa Hantoush, explained, “Iraq has a shortage of approximately 4 million housing units, as it was not more than this number, as the total number of housing units that were granted permission to be built under construction does not exceed one and a half million housing units.” Noting that, “By this calculation, we need two and a half million housing units, and these units will be through the construction of new cities. Population density is worsening, so we need an accelerated real estate policy.”[/size]
[size=45]Hantoush added, “Iraq has an area of ​​430 thousand square kilometers, and with this number, our gatherings are in specific areas, due to the lack of expansion of roads and services, so we need to have part of the budget to design new roads, networks, and cities through which lands are distributed to citizens, including “To whom it is distributed for free, and to whom it is in exchange for a fee.” Pointing out, “The new city not only needs a basic design, roads, and services, and through government sales, it will return many times the amounts disbursed to the state treasury, and thus there will be stability in real estate prices.”[/size]
[size=45]Hantoush pointed out, “There are two types of real estate prices. The first is those whose prices are per meter, and they start from one million dinars per meter and reach five million per meter. This type came as a result of inflation, due to the presence of money and the lack of banking ability to withdraw this money.” And the lack of a successful real estate policy to reduce real estate prices and a stock market that withdraws this money, so the citizen goes to put his money in the real estate market instead of putting it in banks, due to the loss of the citizen’s confidence in it, and this is what made the real estate market rise to more than double.”[/size]
[size=45]Hantoush continued, “There is a second type of real estate, which is called the ‘bubble,’ and this type came as a result of money laundering,” noting that “there are properties whose price per meter is 10 million, but this bubble will not last.”[/size]
[size=45]He concluded, “We need a renewed real estate policy, building a successful housing unit like Bismayah, and developing cities by developing roads and services, while we need new initiatives for housing, as the Central Bank’s initiatives did not exceed the amount of 18 trillion dinars for five years.” Continuing his speech, “I am surprised by some of the statements of the Central Bank, saying that large sums of money have been spent to solve the housing crisis in the country. Is it reasonable that the amount of 18 trillion Iraqi dinars is a large sum for this crisis, since Iraq has spent 1,500 billion dollars on files, most of which are failed?” Nearly 100 million dollars have been spent on the electricity issue, and up to now it is as if we are living in the year 2005 and what we are suffering is repeated, due to the ongoing electricity crisis, so we need new initiatives.”[/size]
[size=45]It is noteworthy that the current government has begun establishing 52 residential cities in the central and southern governorates, in addition to residential complexes and various loans to build, renovate, and purchase housing units. However, most of these housing units are offered for sale at alarming numbers to people with limited income, making the housing crisis continue.[/size]
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