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Al-Emaar: New residential cities will reduce real estate prices
Iraq 06/23/2024
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Yesterday, Saturday, the Ministry of Construction, Housing and Municipalities indicated the reasons for the significant increase in real estate prices, while confirming that the completion of new residential cities will lead to a gradual decline in real estate prices.
The ministry’s spokesman, Nabil Al-Saffar, told “INA”: “The real estate market is subject to the issue of supply and demand, and given that the country’s need for housing is high and the presence of large capitals, this caused real estate trading, which led to a significant increase in prices.”
very big".
Al-Saffar added, “The effects of lower prices will appear after the completion of the construction of the new residential cities initiated by the government, and pumping thousands of housing units into the market will lead to their decline.”
gradually".
He pointed out that "structural building materials are also subject to high demand, especially since the country is witnessing a major urban renaissance," stressing that "the responsibility for determining their prices is outside the scope of the work of the Ministry of Construction."
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