The referendum ends the work of dozens of investment companies




19/10/2017 12:00 am

Erbil / Sundus Abdel Wahab

The real estate market in the Kurdistan region, especially the capital of Erbil, has witnessed a significant and significant decline in the prices of selling and renting real estate, especially after the crisis caused by the referendum, which was reflected greatly on the deterioration of the economic reality and all aspects of life in the region.

The economic activist Hama Hawa said in a statement to "Sabah": "The stagnation of real estate prices due to several reasons, including what happened in the recent period because of the referendum and the failure to comply with the demands of the central and popular government and regional countries and the International Alliance, and thus exacerbated the economic crisis, In various provinces of the region. "


Purchasing power

He added that "the prices of housing units in a significant decline during this period, which overshadowed the investors and the sale of their property with the lowest possible percentage may reach the loss," noting that "dozens of foreign investment companies, Arab and local ended its work in the region and left because of the crisis and low demand On the real estate market due to low purchasing power Citizens ".

A large number of citizens in the region resorted to travel and emigration outside the country and other provinces for security and safety for fear of after the referendum, and because of the urgent need to get the money had to offer their properties for sale cheaply does not correspond to the real value and what aspired to the owners, The owner of the property is his home to the smuggler who will smuggle him out of the country and that the smuggler will sell the property and receive his financial dues.


Recession rate

"The economic recession in the region has contributed significantly to the decline in real estate prices significantly," said the owner of a real estate office in the center of Erbil, Rizkhar Dashti, in an interview with Sabah. "The recession and decline in prices reached 50 percent, In the city of Erbil and its outskirts, there are many houses reached the price of 50 or 60 thousand dollars after the price during the past years to not less than 120 thousand dollars, as well as rental prices fell by half and the price of rent in residential complexes to 250 dollars after it was In the past period not less than 600 or 500 dollars. "

Dashti said that "the prices of real estate in residential areas within the city of Erbil declined significantly, but not the level of residential complexes and reached between 40 to 45 percent," pointing out that "a large number of displaced from the provinces of Anbar, Salahuddin, Diyala and Nineveh left the region back to their areas after That they were freed from the terrorists and that so many of the houses they occupied in the residential complexes became empty and this led to a drop in prices Growing ".


Half price

"I bought the house two years ago," said Farman Zangana, owner of a house in a residential complex on the outskirts of Erbil. "My house has been selling for months for fear of the current situation and holding a referendum on my certainty that the economic crisis is worsening day by day. At a price of 130 thousand dollars and is offered for sale half price, but to no avail and there is no purchasing power by citizens. "

He stressed the specialist in economic affairs Kamiran Hamza in an interview for "morning" the importance of "the initiative of the Government of the region in a positive response to the demands of the central government and dialogue and negotiations in order to reach positive results contribute to the restoration of life before the referendum, the air embargo at Erbil airports And Sulaymaniyah in front of international flights and the closure of border crossings with neighboring countries led to the aggravation of the economic crisis significantly and the Government of the Territory to be cautious and comply with the demands of the federal government and quickly and the delay is not in favor of the province and the citizen is the one who pays the price the crisis".

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