Iraq

New Developments in Iraqi Real Estate and Land Sector

New Developments in Iraqi Real Estate and Land Sector

The Iraqi Ministry of Construction, Housing, and Public Municipalities announced on Wednesday new procedures aimed at reducing property prices. The ministry indicated that loans would be granted to citizens for purchasing housing units in new projects and specified the state's share of serviced land in these projects.

Ministry spokesperson Nabil Al-Saffar stated that "new residential cities, according to a contract with a new company unprecedented in Iraq, will allow the state to take a percentage of these complexes and distribute it among different community segments." He explained that "the cities designated for implementation vary from one city to another based on the number of housing units, geographical location, and population density of the provinces."

He added that "the state will receive 25% from the serviced lands in Al-Jawahiri City to distribute among community segments, while other cities will have a percentage ranging between 10% and 25%," noting that "there will be loans for citizens to purchase these housing units."

He emphasized that "the ministry aims to increase the available housing stock in the country, as this increase is expected to lead to a decrease in housing unit and property prices in Baghdad and other provinces." He clarified that "the committee formed under the leadership of the Minister of Construction and Housing will establish regulations and criteria for distributing these units, primarily targeting vulnerable community segments, low-income individuals, and the middle class through various mechanisms, including the possibility of the state covering 50% of the housing unit's value in exchange for providing a loan to citizens that can be paid back over a long period."

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