Baghdad buildings.. apartments rising quickly and prices soaring even higher

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]Baghdad buildings.. apartments rising quickly and prices soaring even higher[/size]

[size=45][You must be registered and logged in to see this image.]
2024-07-04
Baghdad is changing, this is what the residents of the capital and those who visit it notice, as the features of the city of peace have begun to change rapidly with the movement of the wheel of investment, and perhaps the most important features of this change is the emergence of a pattern that can be said to be new to Iraqis, which is vertical housing, as hundreds of modern buildings appear in the capital led by the private sector while those searching for housing compete for it, even if it is floating in the air and they struggle to keep up with its soaring prices.[/size]
[size=45]Dollar and agricultural land[/size]
[size=45]Ayad Al-Moussawi, owner of Al-Yaqeen Real Estate Store in the Karrada area of ​​Baghdad, said in an interview that “the rise in the real estate market is a result of the rise in the dollar, and there is another factor that has affected the market, which is agricultural lands that are sold as residential lands, although their prices have also begun to rise,” indicating that “the person who owns land with a title deed has also begun to raise prices.”[/size]
[size=45]He added, "The increase in horizontal housing units has prompted citizens to resort to residential apartments, and thus they can be obtained at prices ranging between 150 million and 170 million dinars," adding at the same time that "some residential apartments have reached imaginary prices of around 400 to 500 million dinars."[/size]
[size=45]He added, “The land in a good location in the Karrada area is priced at $3,700 per square meter, and another building was sold for $9,000 per square meter,” adding that “there are unreasonable demands for 50-square-meter houses in a narrow street, for which 250 million are being asked,” and that these prices are increasing more in other areas, including Al-Jadriya and some areas in Al-Mansour.[/size]
[size=45]Residential cities[/size]
[size=45]The spokesman for the Ministry of Construction and Housing, Nabil Al-Saffar, said in an interview that the ministry has begun referring residential cities to international developer investors through a team committee formed by the ministry in cooperation with the National Investment Authority.[/size]
[size=45]He added, “The committee referred five cities to developers and investors: Al-Jawahiri City, Ali Al-Wardi City in Baghdad, Al-Ghazlani City in Mosul, Dafaf Karbala City in Karbala, and Al-Janain City in Babylon, under a partnership between the state and investors,” indicating that “there is a percentage that goes to the state that will be supported by government prices, thus including the middle and low-income groups in it, as part of the government’s direction to support these groups.”[/size]
[size=45]He explained that "there are new cities that will be referred through the calibration points for the purpose of selecting the best developers and investors to build these cities, including a city in Nasiriyah Governorate, another city in Samawah, a city in Kut, a city in Najaf, and a city in Salah al-Din."[/size]
[size=45]He stressed that “prices are controlled by the state in these cities, and that there is a clause in the contract that prohibits the purchase of more than one housing unit, and there is also a clause in the contract that prohibits the investor from speculating on prices.”[/size]
[size=45]Housing crisis solution[/size]
[size=45]Economic expert Mohammed Al-Hasani said in an interview that “the citizen’s tendency towards residential apartments comes as an alternative solution that the citizen resorts to due to his inability to purchase a residential unit within his area,” indicating that “the offers provided for these residential apartments, including installment prices in addition to the loans provided by banks in this field, attract buyers.”[/size]
[size=45]The expert explains that “the phenomenon of residential apartments and the construction of high-rise buildings has recently entered Iraq as a result of the housing crisis that the country is suffering from,” noting that “the private sector has taken the largest share of this vertical construction due to the large profits that exist in this sector.”[/size]
[size=45]In May 2024, the bank issued a decision to allocate two trillion dinars to be given as loans to citizens through (the Real Estate Bank and the Iraqi Housing Fund) in an easy manner, in support of the government’s directions in this direction.[/size]
[size=45]Citizen Samir Mohammed said in an interview that he bought a residential unit in the Al-Rafah Residential Complex apartments in Al-Baladiyat for 160 million in installments. He stressed that it is a suitable option for those with limited income and also saves you from paying rent.[/size]
[size=45][You must be registered and logged in to see this link.]