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MP reveals reason behind rising real estate prices in Basra
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Economy News - Baghdad
Basra MP and member of the Parliamentary Investment Committee, Asaad Al-Bazouni, attributed the rise in prices of residential units and real estate in the province to the “monopoly” in residential projects.
Al-Bazouni said, “With regard to residential investment projects specifically, there is a difference in the prices of residential projects between the Kurdistan Region. We find that the residential unit there is at a reasonable price that does not exceed 100 million dinars, and the prices of houses do not exceed 150 million dinars. However, in the rest of the governorates there is a difference in prices.”
He added, "Through follow-ups, Basra Governorate reaches the highest prices in residential projects, as the price of a house exceeds 500 million among residential projects, and the government grants investment projects in the housing sector for free to the investor, taking the equivalent of 2% of their value, with the prices of residential units being determined when choosing investors to be at a low price."
He pointed out that "the rise in prices in Basra is due to the existing monopoly of these projects, where the investment is for two or three companies affiliated with certain parties and authorities that control the lands of Basra, and the situation is clear in this aspect with the selectivity of the projects and their monopoly, as the investors work comfortably and capriciously in selling the units and their prices, so we find that the prices are very high."
Al-Bazouni pointed out that "compared to the governorates where housing projects have increased, the issue of monopoly is being interfered with by some executive bodies, the Basra Investment Commission, and the management of the Investment Commission Council, which has led to great injustice in this matter."
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Added 2024/11/09 - 9:22 AM
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Economy News - Baghdad
Basra MP and member of the Parliamentary Investment Committee, Asaad Al-Bazouni, attributed the rise in prices of residential units and real estate in the province to the “monopoly” in residential projects.
Al-Bazouni said, “With regard to residential investment projects specifically, there is a difference in the prices of residential projects between the Kurdistan Region. We find that the residential unit there is at a reasonable price that does not exceed 100 million dinars, and the prices of houses do not exceed 150 million dinars. However, in the rest of the governorates there is a difference in prices.”
He added, "Through follow-ups, Basra Governorate reaches the highest prices in residential projects, as the price of a house exceeds 500 million among residential projects, and the government grants investment projects in the housing sector for free to the investor, taking the equivalent of 2% of their value, with the prices of residential units being determined when choosing investors to be at a low price."
He pointed out that "the rise in prices in Basra is due to the existing monopoly of these projects, where the investment is for two or three companies affiliated with certain parties and authorities that control the lands of Basra, and the situation is clear in this aspect with the selectivity of the projects and their monopoly, as the investors work comfortably and capriciously in selling the units and their prices, so we find that the prices are very high."
Al-Bazouni pointed out that "compared to the governorates where housing projects have increased, the issue of monopoly is being interfered with by some executive bodies, the Basra Investment Commission, and the management of the Investment Commission Council, which has led to great injustice in this matter."
95 views
Added 2024/11/09 - 9:22 AM
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