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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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    Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors

    Rocky
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    Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors Empty Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors

    Post by Rocky Today at 5:32 am

    Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors
    4 minute read
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    [You must be registered and logged in to see this image.]Aerial shot of a residential neighborhood in Baghdad
    [You must be registered and logged in to see this link.] deficit in Iraq Estate in Iraq Parliament


    Despite the establishment of residential complexes in Iraq over the past years, the housing crisis still dominates the scene - especially in the capital - as the high prices of residential units in most investment complexes increase the size of the problem. While many blame the origin of the problem on the investors in charge of these projects, parliamentarians and specialists are demanding "taking strict measures against investors to deter them from exceeding the prices agreed upon with the responsible authorities."

     

    “The housing crisis in Iraq through residential complexes that suit people with limited incomes has not been resolved yet,” said Susan Mansour, a member of the parliamentary investment and development committee. “These complexes have created new crises, the most prominent of which is the traffic congestion crisis, and the formation of complexes inside Baghdad of at least (4,000-5,000) housing units does not meet the needs for which these complexes were established, which is to provide housing for people with limited incomes.”
     

    Mansour accused investors of not adhering to the economic feasibility of their housing projects, calling on official government agencies to “take strict measures against any investor who does not adhere to the economic feasibility of his housing project and withdraw the license in the event of violating the legal conditions.”
     

    “One of the residential complexes in Baghdad sells a residential unit for more than double the official price signed in the contract, at prices ranging from $1,200 to $1,600 per square meter,” Mansour said, citing an example of such violations. “We did not find any penalty against investors who violated the feasibility.”
     

    As for the head of the Qadisiyah Investment Authority, Dr. Razzaq Shaber, he stressed in a proposal to solve the current crisis, "the necessity of dividing the residential units in the 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, and the third is lower than the first and second and is suitable for limited-income earners, provided that the housing and lending initiative from the Real Estate Bank is exclusively for the second and third categories. Investors are required to advertise the investment opportunity by providing specifications - for the two groups mentioned above - and that the units are at competitive prices with specifications specified in advance in the advertisement."
     

    Regarding obligating investors to set reasonable prices, Shabbir pointed out 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, so that the investors who apply 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 coordination and agreement must be found 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 will achieve reassurance for the citizen, as they are government companies and subject to the supervision of engineering offices approved by the state."
     

    For his part, the head of the “Osool Foundation for Economic Development and Sustainable Development”, Khaled Al-Jaberi, warned in an interview with the Official Gazette that “according to the Iraqi constitution, and according to Article 25 thereof, 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.”
     

    Al-Jabri believed that “going to public companies and relying on them in the issue of residential complexes (is not right), and may kill competition. It is also a type of monopoly, and work must be made available to the private sector and the base of economic activity must be expanded... Therefore, if we bring in government public companies to build residential complex projects, this will be nothing but a collapse of the economic sector.”
     

    Al-Jaberi presented a proposal to solve the housing crisis in Iraq, saying: “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.”
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