Expectations of recovery in the real estate market in Iraq


Expected economic community to witness the real estate market in Iraq during the coming period by steps and decisions to make a quantum leap in activity, in case these measures and decisions in proper form, especially as it is associated with a lot of investment projects under implementation, what constitutes the beginning of widespread activity includes several related sectors.

Customize controls advertising enjoys residential land to citizens by the Government through installment in favorable terms, of particular importance to the inclusion of the same controls large segments of society, what are the worsening housing crisis and drastic treatment which withdrew its effects on the lives of citizens who suffer difficulties without owning them or hired residence as a result of rising prices does not correspond to the income of the overwhelming majority.

Experts said that the allocation of residential land to citizens will provide many job opportunities for professionals and craftsmen in case of activating the launch of housing loan, would be exceeded as a result of years-long recession the exceptional circumstances experienced by the Iraqi economy and low levels of productive sectors.

The Iraqi Government this year approved a special housing fund lending mechanisms of Central Bank loans amounting to 5 trillion dinars (about us $ 4 billion) and loan distribution mechanism required to adopt criteria for the degree of poverty and population for each province, but the loan increases 50 million payable to the beneficiary. And accompanied the launch of the distribution of land to citizens launch program for industrial and agricultural and residential loans.

Vice President predicted Iraqi businessmen Union» in the name of Antoine's interview with «life» that «there are significant effects of the steps taken in the field of land distribution to citizens and facilitating their access to loans for construction of housing for them, or for other loans related to industrial and agricultural projects support and service». He added: "the Iraqi market is in dire need of activating these steps to activate the productive activity in the country, especially for industries such as cement and bricks, which are economic sectors characterized by diversity of economic activity and branching complexity with other professions.

He pointed out that «these sectors combined can occupy large numbers of unemployed, with the new economic cycle events and access to the recovery phase for the real estate market and the possibility of picking them up from Hibernate If you live in, especially since real estate is its widely the contractors directly linked to real estate and housing, and are expected to grow as a result of the new activity opportunities in the event of late payment of contractors have ministries».

Antoine noted that «construction sector is directly linked to market movement and activity related sectors needs financial liquidity would make a quantum leap in it». He predicted that the next stage of recovery "do important steps have been taken, notably the moving mass of cash by lending mechanism in a wide and important and has a direct link with life».

The war against the Organization of ISIS and tumbling world oil prices, caused by depletion of the country's financial capabilities, a significant cause of the declining performance of the economy and the fiscal austerity measures to cope with the difficult phase requirements. And real estate market activity followers attributed the slump to declining Government spending as a result of lower activity in many facilities, especially the declining financial returns to the citizens who had in turn to austerity.

He quoted Iraqi merchants in Baghdad as saying that daily sales declined significantly since about two years, dropped from 7 million dinars a day to about 500 000 or less, after most citizens cut their purchases. Market wholesalers indicated «beautiful» President in Eastern Baghdad to their suffering over the past year since ISIS large areas of North and West of Iraq.