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Fundamental changes in the real estate market
Economic 10/28/2024
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The Iraqi real estate market is facing a state of stagnation, according to real estate experts, traders and dealers. However, from another economic point of view, it seems that what is happening is not a stagnation in its traditional sense, but rather a restructuring or transformation in the real estate trading pattern.
The most prominent trend currently is to move away from traditional methods of real estate trading, and move towards investing in modern residential complexes. One of the main reasons for this shift is the facilities provided by the Central Bank of Iraq through soft loans to purchase residential units in these complexes, which made citizens turn to investing in this type of real estate after they saw the quality of the services they provide compared to traditional real estate.
Iraq has recently witnessed the launch of new residential city projects such as "Ali Al-Wardi City" and "Al-Jawahiri City" in Baghdad, which together provide about 150,000 housing units. If we assume that the average size of an Iraqi family is four people, this means that these cities will accommodate about 600,000 people, which is equivalent to the population of a small Iraqi governorate. This tremendous growth in modern residential projects will reduce the market share of traditional real estate, and push demand towards the new type of residential complexes.
It is noteworthy that the "Bismaya" residential project, which was resumed, contributed to shifting demand towards large residential complexes, as it is a major factor in absorbing a large part of the demand for real estate.
Moreover, the tax exemptions in many of these complexes played a decisive role in attracting investors and buyers. These exemptions come within the framework of the investment law, which distinguishes modern residential complexes from traditional real estate trading, which does not enjoy this advantage. These financial incentives contributed to increasing the attractiveness of investment in new complexes, enhancing their ability to attract more buyers.
As a result, what is happening cannot be considered a "stagnation" in the negative sense, but rather a natural shift in the dynamics of the real estate market. With the expansion of housing options and citizens' tendency towards modern housing styles, traditional real estate is facing an existential challenge. This change reflects the natural growth of markets that adapt to new economic and social conditions.
The real estate market in Iraq is not in a state of comprehensive recession, but rather it is changing to suit new developments. The stagnation observed in traditional real estate is met with continuous growth and prosperity witnessed by the real estate sector in residential complexes.
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