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A significant decline of real estate prices in Kurdistan
7/26/2016 0:00
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Arbil - Sondos Abdul Wahab
real estate market is in the Kurdistan region , mainly in the capital Arbil large and asignificant reduction in the sales and rental rates of properties compared with the past years due to the low level of demand due to the low purchasing power of citizens.
The economist said the activist Farman Mohammed told the «morning» that «aggravation financial crisis the region continued for several reasons , the most important of thesecurity situation and the continuation of the war against the (Daash) and block theregion 's share of the federal budget and the growing political differences have aninfluential role and negatively on the sector of the economy, including the real estate investment sector «.
He said Muhammad that housing prices in sharp decline since the beginning of the year current as well as their real estate investors sell at the lowest possible ratio it was up to the loss «, indicating that« dozens of Arab and foreign and local investment companies ,completed its work in the region and left because of developments crisis and low demand for real estate market level due to reduced purchasing power of citizens and alack of liquidity in the banks « .
in the same regard, the province of Arbil Council issued in the month of last March agroup decisions about the reduction of goods and services prices in the capital Arbil markets, including the reduction of rent buildings and apartments and shops in Erbil and Oqditha 30 percent because of the crisis afflicting the region and the lack of purchasing power of citizens, especially the staff who cut their salaries because of disagreements between the governments of Baghdad and the region. a
large number of citizens in the region have sought refuge in the travel and migration out of the country for safety, security, and their need for money were forced to offer their properties for sale cheaply does not correspond with the real value of what he aspires to the owners.
Xuan Idris, His office properties in the city of Arbil , the center said: »the economic downturn in the region has contributed significantly to the decline in real estate prices significantly«, and « the proportion of the recession and the decline in prices reached 50 percent, especially in residential complexes inside Erbil and its outskirts the city, there are a lot of house price reached 6000 dollars after it was priced at the beginning of last year , 12 thousand dollars, as well as rents fell to half the price of a rent house in theresidential complexes to $ 300 after it was last year at least $ 600 ».
he explained Idriss the «real estate prices in residential areas within the city of Arbil significantly decreased but not the level of residential complexes and by as much as 35 to 40 percent», and between Idriss that « a large number of displaced people from theprovinces of Anbar, Salahuddin, Diyala and Nineveh left the region returning to their areas after it has been liberated from the terrorists and therefore a large number of houses they had occupied in the residential complexes has become empty and led to lower prices are increasingly ».
and participated modern, Hoshyar Hama, the owner of House in Hrschm residential complex and trying to sell it since the beginning of this year when he said: offered my home for sale for months after I bought it two years ago at a price of 14,000 dollars and is offering it for sale at half the price, but to no avail and there is no purchasing power by the citizens «and added flesh« wait sell impatiently so I can meet all the needs of thehouse and my family for being an employee he has not received a salary since several months and in the case of receiving a sum very simple ».
He explained« made a lot of facilities in order to speed up the sale, but to no avail them my consent to sell it in installments in accordance with the guarantees or the payment of a fixed amount and are installment amount remaining ».
He warned a specialist in economic affairs Zangana Hashim in interview for «morning» the need to initiate the provincial government and the political parties of the ruling to several urgent and effective reforms in the political and economic spheres in order tospeed in finding appropriate solutions and apply them on the ground to not exacerbate the financial crisis , especially as the real estate would sector like other sectors of theeconomy requires a stable in activity
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