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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Residential complexes in Baghdad: “huge” profits and “non-compliant” feasibility

    Rocky
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    • Post n°1

    Residential complexes in Baghdad: “huge” profits and “non-compliant” feasibility Empty Residential complexes in Baghdad: “huge” profits and “non-compliant” feasibility

    Post by Rocky Thu 26 Sep 2024, 4:48 am

    Residential complexes in Baghdad: “huge” profits and “non-compliant” feasibility

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    Economy News - Baghdad
    [rtl]The Parliamentary Investment Committee considered that the profits in the residential complexes in Baghdad reach 300%, and while it confirmed that the investment law needs to be amended, it pointed to the lack of commitment to prices in the Iraq Gate complex.[/rtl]
    [rtl]The deputy chairman of the committee, Hussein Al-Saabari, said, "According to the existing study, Iraq needs three million housing units," explaining, "We do not have complexes that meet the purpose because the demand is great and the population base is expanding, and we have crossed 42 million people."[/rtl]
    [rtl]He added, "The problem is rooted in the granting of lands in the heart of Baghdad without calculations because the complexes need infrastructure and services and cannot handle these numbers."[/rtl]
    [rtl]Al-Saabari pointed out that “the investment law needs to be amended and we formed a committee and studied this issue because it has pitfalls and every law must suit the general situation,” adding, “There are problems in the law, oversight, exceptions, and land ownership.”[/rtl]
    [rtl]He added, "We hope that the investment will be outside the municipality's borders so that its prices will be lower," stressing that "the investor is supposed to be monitored when selling the units, and there is no procedure in this regard."[/rtl]
    [rtl]Al-Saabri revealed that “profits in residential complexes in Baghdad reach 300%,” adding that “there are complexes where the value of an apartment or residential unit does not exceed 100 million dinars, and they sell it for 400 million, which increases its price by 300%.”[/rtl]
    [rtl]He believed that "the problem is the absence of oversight and the lack of contracts with the Ministry of Finance, which is why foreign investors do not come," adding, "Every investment authority in Baghdad and the governorates should have an investment map."[/rtl]
    [rtl]Regarding the “Iraq Gate” complex in Baghdad, the Deputy Chairman of the Parliamentary Investment Committee said, “The prices in all the complexes are high and do not conform to the economic feasibility, including this complex,” stressing “the failure to adhere to the prices at which it was supposed to be sold and the profits are not less than 300%, and this problem includes most of the residential complexes.”[/rtl]
    [rtl]He stressed that "the solution is not only supervisory, but also finding housing units in new cities," adding that "the solution will not be in a day or a night, but rather in two or three years."[/rtl]
    [rtl]On September 18, 2024, the Parliamentary Integrity Committee revealed that it had begun opening the file of the “Iraq Gate” housing project in Baghdad, indicating that the file includes the exaggeration in the prices of housing units and the expansion occurring in the project.[/rtl]
    [rtl]Member of the Parliamentary Legal Committee, Raed Al-Maliki, also indicated that his committee welcomed the opening of an investigation file into the Iraq Gate residential project in Baghdad, noting that the project contained exaggerated prices and privileges at the expense of public funds.[/rtl]


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