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Due to demand from outside the region, prices of residential complexes in Kurdistan rise
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Baghdad Today - Sulaymaniyah
Economic expert Farman Hussein confirmed today, Saturday (August 17, 2024), that the Kurdish citizen’s benefit from residential complexes is very limited, indicating that the demand from outside the region has led to an increase in the prices of those complexes.
Hussein said in an interview with Baghdad Today, "In the past, residential complexes were built according to three systems. The first type is the very upscale complexes of the first classification, whose prices are very high, and only those with capital, merchants, and officials buy them."
He added, "The second category is the lowest rated and can be purchased by middle-level employees and stakeholders. As for the third category, it is the complexes with limited specifications but they meet the need and are sold to employees and those with limited salaries in convenient installments."
He pointed out that "the prices of apartments in residential complexes are now very expensive, due to the demand for purchases from citizens of the central and southern governorates, and thus the Kurdish citizen with a medium and limited income is no longer able to buy."
According to unofficial statistics, the number of residential projects (apartments, houses and villas) that have been established in Kurdistan during the past two decades and are currently being dealt with in the real estate market is 131 residential projects, including 128,542 residential units of different sizes. However, these projects have not solved the housing crisis due to their high prices and the deterioration of the economic situation in the region, which has led to people’s reluctance to buy them.
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