Real estate company: There is a marked demand for citizens of central and southern Iraq to buy real estate in the region

A major Kurdish real estate company in Erbil announced on Saturday that there is a marked demand for citizens of the center and south over real estate in the Kurdistan region, indicating that the movement of the real estate market in the region is currently going normally due to the security stability in the Kurdistan region.
“After the cut of the budget of the Kurdistan region by Baghdad in 2014, the real estate market in the region has witnessed a decline of 50%,” said the director of the company Haj Salam Real Estate in Erbil Salam Karim Karim, that “the war against da’ash, the financial crisis and the drop in oil prices affected Significantly on the movement of the real estate market. ”
“According to the studies carried out by the company since the beginning of this year 2017, the real estate market in the region began to experience normal movement,” he said, adding that “the first six months recorded a decline in housing prices and agricultural and commercial land, while the rise in the apartment sector.”
“In 2017, according to the available data on the ground, there is a natural movement in the real estate market in the Kurdistan Region,” pointing out that “during the past six months housing prices fell by more than 1%. Commercial agricultural land decreased by between 5 and 8% While prices of apartments rose by 0.8%.
Karim said that “there is a remarkable demand from residents of central and southern Iraq to buy property in the region, especially from the people of Nineveh province,” adding that “the demand is the result of security stability in the region.”
Karim predicted that “in the event of the declaration of independence of Kurdistan will witness the real estate markets rise in prices,” stressing that “there is a great desire for investors to stay and implement projects, as the conclusion of the Kurdistan Regional Government contracts oil with foreign companies more confidence in the region by investment companies.”
It is noteworthy that the real estate market in the Kurdistan region has seen during the past two years a remarkable recession due to the financial crisis experienced by the Kurdistan region.


https://en.economiciraq.com/2017/07/1...in-the-region/