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Extensive government measures to curb the “madness” of housing unit prices
Economic 2024/07/03
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The government has intensified its measures aimed at eliminating the housing crisis and limiting the rise in real estate prices, which have witnessed significant booms in Baghdad and the governorates, by adopting two simultaneous paths that could contribute to limiting the “madness of heights” represented by increasing the construction of residential complexes in various Iraqi cities, in addition to expanding the granting of construction loans and the purchase of homes. These two trends serve to control the existing shortage after the actual need reached more than two million housing units.
According to the Ministry of Planning.
In a move that confirms the government agencies’ determination to reduce the housing crisis, the Ministry of Construction and Housing announced earlier the launch of a plan to reduce the prices of housing units, which includes the establishment of 7 residential cities for investment during the coming period, in return for which the Central Bank will provide additional amounts amounting to about (3) trillion dinars to meet the requests for housing loans from citizens through (the Real Estate Bank and the Housing Fund) in an easy manner.
Meanwhile, economic experts praised the steps aimed at undermining real estate prices and limiting their increases, stressing the need to take a series of measures that could contribute to limiting these increases, placing at the forefront of these measures work on “improving real estate policies and encouraging investment in this sector, and paying double attention to urban planning that takes into account population growth and urban expansion, as it can help in distributing the population in a balanced manner and reducing concentration in certain areas.”
The spokesman for the Ministry of Construction and Housing, Nabil Al-Saffar, told the Iraqi News Agency (INA): “The ministry has begun building new residential cities within the government program plan that will provide thousands of units, and that increasing the number of residential units in the market will lead to a decrease in their prices, considering that the issue of real estate is subject to the issue of supply and demand.”
According to the Ministry’s vision, “the Housing Department’s plan extends from 2024 to 2030 and includes the establishment of residential cities and housing fund loans, as all of these matters will lead to a significant decrease in housing unit prices.”
The government’s vision to limit housing price increases was met with praise from economic experts, who see the need to support it with a number of measures to mature in a way that contributes to reducing real estate prices. This is confirmed by the economic expert, Dr. Nawar Al-Saadi, who pointed out to “Al-Sabah” that “real estate prices, especially in Baghdad, are one of the most prominent challenges facing the government and citizens together, as this crazy increase negatively affects the individual’s purchasing power and increases economic pressures.”
Al-Saadi explained that in order to “undermine and limit these increases, a number of strategic methods can be considered that contribute to achieving price stability and improving access to suitable housing, such as increasing the construction of residential complexes, which is one of the most important steps to increase supply and provide a greater number of residential units, thus reducing the excess demand for real estate, which leads to reducing pressures on prices, provided that these complexes include different residential categories to meet the needs of all segments of society.”
The expert Al-Saadi also sees the need to “improve real estate policies by developing effective government procedures that encourage investment in the real estate sector. This can have a positive impact, including facilitating bureaucratic procedures, providing incentives to investors and real estate developers, and enhancing transparency in the real estate market.” At the same time, he stressed the importance of “urban planning that takes into account population growth and urban expansion, helps in distributing the population in a balanced manner, and works to reduce population concentration in certain areas.”
The spokesman pointed out that “urban planning has several positives, including contributing to reducing pressure on real estate in specific areas and achieving greater price stability. This basically requires improving and developing infrastructure such as roads and transportation, and providing basic services such as schools and hospitals in areas on the outskirts of large cities to make them more attractive for housing, which relieves pressure on these cities, especially the capital, Baghdad.”
Al-Saadi called for the need to work seriously to facilitate the mechanisms for obtaining real estate financing on easy terms, as this will help increase the purchasing power of citizens, allowing them to buy real estate without having to pay huge sums at once, and this could lead to achieving greater stability in the real estate market.
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