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The remarkable trends of Iraqi Properties Prices

February 01st, 2019

"Real estate prices in Iraqi cities have recorded an unreal increase since 2008, especially with a shortage of housing supply estimated at 4 million units, in addition to the accumulation of funds illegally by some of them, which contributed to reach this situation”.  Consequently, «prices have exceeded in areas such as Kadhimiya, Baghdad, Basra and Najaf, real estate prices in cities known for high prices such as London, New York and Dubai». In addition, "lower prices in Turkey and Azerbaijan compared to the prices of Iraqi real estate, especially as the monthly revenues resulting from rents up to $ 1,000 in some areas, without exceeding the price of the unit $ 30 thousand.

 

Mansour Ali al-Khalidi, who recently bought two housing units in Azerbaijan, told Al-Hayat that "this step was due to his inability to buy a house in Baghdad for $ 70,000 he received after he sold the land granted to him by the government, Segments of state employees ».

He pointed out that «there are promoters of this type of investment, including real estate companies, and some of these companies to organize the process of rent throughout the months of the year for tourists in exchange for good amounts of money, in addition to permitting permanent residence in Azerbaijan, which I can settle at any time».

 

"These statistics show the extent of the depletion of the Iraqi monetary mass in the country," said Burhan Abdullah, a member of the Parliamentary Economics and Investment Committee. "Abdullah blamed the Iraqi private and government banks, which created an environment of repelling investment in the country, even if the banks were proactive in investing cash deposits in the field of housing for citizens to buy housing units in other countries». As a result, The Iraqis are now on the list, with Saudis and Kuwaitis finishing second and third respectively. The number of homes purchased by Iraqis in Turkey in one year, is almost 8 thousand and 909 properties, while the Saudis bought 6 thousand and 107 homes, Kuwaitis 4 thousand and 672 housing units.

 

 

By Nasser Hason
AL Hayat website

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