Home
Parliamentary measures to curb housing unit prices
Second and third 10/23/2024
[You must be registered and logged in to see this image.]
Despite the existence of dozens of large residential complex projects, and the allocation of thousands of acres of land for the establishment of residential investment projects, the housing crisis still looms over the country - especially in the capital, Baghdad - and what has exacerbated the crisis are the high prices of residential units in most investment complexes, which prompted parliamentarians and specialists to demand strict measures against investors who exceed the terms of the contract and the price details agreed upon with the competent authority, to deter the "greedy investor" who has enriched himself at the expense of citizens.
Member of the Parliamentary Investment and Development Committee, Susan Mansour, believes that addressing the housing crisis in Iraq through residential complexes in a manner that suits people with limited incomes has not been resolved yet. Mansour told Al-Sabah: “These complexes have created new crises, the most prominent of which is the traffic congestion crisis, as the complexes inside Baghdad constitute at least (4,000-5,000) housing units that do not meet the needs for which these complexes were established, which is to provide housing for people with limited incomes.”
The member of the parliamentary investment committee demanded that strict measures be taken against any investor who does not adhere to the economic feasibility of his residential project, and that the license be withdrawn in the event of violating the legal conditions. Mansour gave an example of one of the residential complexes in Baghdad, where the residential unit is sold for more than double the official price signed in the contract, “at amounts ranging from ($1,200 to $1,600) per square meter, and we did not find any penalty against investors who violated the feasibility.”
For his part, the head of the Qadisiyah Investment Authority, Dr. Razzaq Shaber, suggested dividing and classifying residential units in complexes into 3 categories, to address the high costs. He said in an interview with Al-Sabah: “It is necessary to divide residential units in complexes into three categories. The first category is suitable for high-income earners and has high specifications. The second category has lower specifications than the first but is good and is suitable for middle-income earners. The third category is lower than the first and second and is suitable for limited-income earners. The housing and lending initiative from the Real Estate Bank should be exclusively for the second and third categories, and investors should be obligated to advertise the investment opportunity by providing specifications - for the two groups mentioned above - and the units should be at competitive prices with specifications specified in advance in the advertisement.”
Regarding obligating investors to set reasonable prices, Shabbar explains that “there are no specific procedures; as much as there is competition, but investment agencies and the Ministry of Construction can announce the establishment of residential complexes with specific specifications and prices, and thus the investors who apply will compete for those prices within a specific timetable to limit the greed of some investors who have greatly affected citizens and imposed double high prices.”
He stressed that "to solve the housing crisis, public sector companies must be involved, and there must be coordination and agreement to limit the housing initiative to complexes built by public companies, and to provide housing for the citizen at a reasonable price and limit the housing initiative to these complexes, which achieves reassurance for the citizen, as they are government companies and under the supervision of engineering offices approved by the state."
The head of the “Osool Foundation for Economic and Sustainable Development”, Khaled Al-Jaberi, explained in an interview with “Al-Sabah” that “according to the Iraqi constitution and according to Article 25, the state must develop the private sector and provide an opportunity for growth and tendering,” noting that “there is a council to prevent monopoly and encourage competition, and another council concerned with consumer rights and protection, and the Iraqi constitution is the main protector of legislation.”
He noted that "going to public companies and relying on them in the issue of residential complexes is not right, and may kill competition, and it is a type of monopoly. Work must be made available to the private sector and the base of economic activity must be expanded. Therefore, if we bring in public government companies to build residential complex projects, this will be nothing but a collapse of the economic sector," according to his opinion.
speaker.
Al-Jaberi explained that “in order to solve the housing crisis in Iraq, innovative solutions must be found, including increasing the number of lands and creating an investment environment that encourages the economy by amending the investment law to be in line with this trend, in addition to amending the companies law, amending the new income tax declaration, and approving the bankruptcy law,” considering that moving towards the socialist direction – by harnessing public companies to build residential complexes – is nothing but “a clear collapse.”
[You must be registered and logged in to see this link.]
» UTUBE 12/23/24 WATCH: Trump mans the fries at McDonalds | LiveNOW from FOX
» Removing zeros and revaluing the Iraqi dinar
» MM&C 10/20/24 Counterfeiting currency in Iraq.. Is the responsibility of the Central Bank or the gov
» utube 10/21/24 MM&C MM&C News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Invest
» utube 10/22/24 MM&C News Reporting-Iraq Dinar Update Banking Reforms-Com
» The next White House administration...will it confront Baghdad with a "rough" policy?
» Rafidain Bank Director urges employees to provide the best services to citizens
» Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors
» Ministries have green spaces and need specialists.. A plan to employ 10 thousand agricultural engine
» "Many advantages" .. Al-Sudani: We will develop Baghdad Airport, profits will double, and service wi
» Justice announces the imminent launch of electronic real estate services in Baghdad Governorate
» Including Iraq.. IMF expects strong acceleration in Arab economic growth in 2025
» The Presidency of the Republic urges the Kurdish parties to form a service government in the region
» International mafias behind currency counterfeiting: Who protects the pockets of Iraqis?
» MP: Sunni House's conflict over Parliament presidency still ongoing
» After being suspended for years, a parliamentary committee: The law on ownership of slums will see t
» Parliamentary Oil: Producing provinces have not received their petrodollar dues
» Al-Fateh comments on Bin Salman's call to hold an Islamic summit
» Al-Sudani directs the rehabilitation and development of Baghdad Airport according to the latest spec
» Political movement: America is the source of chaos and terrorism in the region
» Framework: We have not determined our support for a specific candidate for the position of Speaker o
» Minister of Communications: We will start negotiating with international companies to operate the fi
» Electricity complains of kerosene shortage.. 5 stations shut down and 10 thousand megawatts lost
» Baghdad Council: About 800 generators committed to the official operating price
» The future of energy is moving in a "complex" direction.. The state of the market is affected by man
» With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi
» $255 million in Iraqi Central Bank sales during today's auction
» Immigration reveals to {Sabah} the plan to host {Iraq’s guests}
» Official statistics: 25% of generators are committed to the pricing
» Great security achievement
» 62 billion dinars to support students sent to international universities
» Al-Sudani: We killed {the governor of Iraq}
» Kirkuk introduces professional specializations
» 6,000 beds added to Nineveh hospitals
» Soon.. Launching 3 channels for admission to public universities
» Industry: Great government interest in moving the economic wheel
» Baghdad Council: About 800 generators committed to the official operating price
» Next year.. delivering energy to newly served areas
» Parliamentary measures to curb housing unit prices
» Parliament is close to electing its new speaker
» Securing food basket items curbs price hikes
» Parliamentary Legal Committee to Nina: Political consensus will decide the name of the candidate for
» A joint (Qatari-Turkish) delegation inspects the Grand Faw Port projects on the ground
» Minister of Planning receives Deputy Chief Justice of the Federal Court of Cassation and his accompa
» The Minister of Communications explains the mechanism and stages of operating the fifth generation t
» Continuing conflict in the Middle East drives oil prices higher
» Finance Ministry agrees to pay lecturers and administrators’ dues with Basra Education
» Ministry of Electricity signs contracts to implement smart energy transformation project
» Al-Sudani approves the request to exempt Haider Hanoun from the presidency of the Integrity Commissi
» Iraqi movement draws Middle East expectations and talks about the assassination of "Assad" and the d
» Despite "indications of an end to the conflict", there are expectations that the formation of the ne
» Al-Sudani and Saudi Crown Prince discuss bilateral relations
» Iraqi oil prices rebound despite decline in global markets
» Three Obstacles to Iraq's Accession to BRICS
» Baghdad Governorate: 75% of generators do not comply with the official pricing
» Parliamentary measures to curb housing unit prices
» The Iraqi Ministry of Immigration confirmed that the Iraqi government will continue its work to embr
» Iraqi Electricity Minister Pledges to Supply Power Around the Clock Through 'Smart Transformation' P
» Government pledges to halve Iraq's 'housing gap'
» “Strategic Projects”… Will They Succeed in Saving Iraq from the Water Scarcity Crisis?
» The Ministry of Interior announces the closure of 69 projects violating environmental conditions
» Al-Yekti: The party does not have the majority and will not form the government
» Demonstration in central Baghdad against executions and demanding a “general amnesty”
» Haider Hanoun dismissed from the presidency of the Integrity Commission
» In Basra, a giant sewage recycling station in Al-Zubair... “environmentally friendly and saves irrig
» The plan to remove Al-Issawi failed... and the "framework" postpones the decision on the parliament
» The framework is moving to resolve the “crisis” of the Parliament Speaker.. Will Saturday’s session
» Trade.. A five-year plan to build and establish 150 hypermarkets in all regions of the country
» Al-Sudani and Bin Salman discuss preparations for holding an Islamic summit
» Finance approves disbursement of dues to lecturers and administrators in Basra Education (document)
» Dollar exchange rates rise again in Iraq today
» What will the new Kurdistan government look like after the recent elections?
» Disagreement rages between blocs over deciding the position of parliament speaker
» The Council of Ministers holds its regular session headed by Al-Sudani
» Parliamentary Oil Committee expects to approve the Oil and Gas Law during the current parliamentary
» After losing quantities of Iranian gas in the coming days.. Electricity talks about sources of gas i
» Report: Iraq has concluded an important agreement that consolidates its strategic role and internati
» Western report: Iraq's financial situation is strong and it is working according to a transitional d
» With the participation of Iraq.. the start of an emergency meeting in the Arab League regarding the
» With the support of the Prime Minister, the Military Industry begins contracts to localize the milit
» Britain appoints new ambassador to Iraq
» Trade Bank of Iraq opens new branch in Baghdad
» Rafidain Bank directs its branches to facilitate the completion of citizens’ transactions and addres
» The Union clarifies the date for opening negotiations with other parties to form the regional govern
» Al-Fath: Iraq obligated the American side not to use its lands to support the entity
» Political movement: America dominates the armament file to ensure that Iraq remains weak
» MP: Saturday's session will be decisive in choosing the parliament speaker
» Central Bank dollar sales drop in today's auction
» Labor extends the attendance visa for school students to qualify for the financial grant
» Croatian PM: Iraq represents an important opportunity for development and investment in the energy a
» Russia seeks BRICS to defeat the dollar.. The Ukrainian war changes the global economic map
» The Central Bank of Iraq approves changing the activity of the Commercial Bank of Iraq
» 30 billion dinars profits of the Regional Commercial Bank until the third quarter
» Baghdad Governorate: A plan to attract residents from the center to the outskirts of the capital
» Well-known businessman Saadi Wahib increases his stake in Al-Eqtisad Bank
» Iraqi oil replaces Russian oil for the Czech Republic in 2025
» Electricity: Energy production will increase next summer.. it will reach this limit
» Al-Imar explains the mechanism of work on the ring road and the areas it will connect