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Kurdistan real estate market is gradually recovering.. How will salary stability lead to its recovery?
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Baghdad Today - Sulaymaniyah
Economic expert Farman Hussein confirmed today, Saturday (August 3, 2024), that the real estate market in the Kurdistan Region is gradually recovering after a decline witnessed by this sector during the past few years due to the economic crises in the region.
Hussein said in an interview with Baghdad Today, "The disbursement of salaries during the current year, almost on time, to employees, other security personnel, and retirees, led to the recovery of the real estate market, which had been completely stagnant during the past two years."
He added that "the disbursement of salaries led to the return of confidence in employees by investment companies and residential complexes, and consequently many employees began to buy homes in installments, in addition to the trend of Arab citizens to buy real estate, including homes and apartments in the region, and this led to a gradual recovery and recovery," considering that "full recovery needs at least a year."
The Kurdistan Region has witnessed major economic shocks in the past few years, which finally culminated in the suspension of the region's oil exports via Turkey in March 2023, before an agreement was reached with Baghdad at the beginning of this year, in addition to a decision by the Federal Court obligating Baghdad to pay the salaries of the region's employees regardless of the secondary agreements between Baghdad and Erbil, which led to the stability of the payment of salaries to Kurdistan employees.
While it is surprising that salary stability would lead to a recovery in the real estate market, given that real estate requires a lot of money and has nothing to do with the monthly salary of employees, salary stability also affects, in one way or another, the improvement and stability of rent payments, which gives a good boost to real estate recovery, in addition to improving the purchasing power of real estate through investment companies and in installments.
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