Iraq is the new emerging real estate investment market of the Middle East as security concerns dwindle and the government commits itself to major property developments, it is claimed.
Groundbreaking residential projects are being announced on a monthly basis and the mayor of Baghdad has revealed a five year plan to build 300,000 housing units in the city.
Sabir Al-Issawi said that the country is talking with a wide variety of developers from across the world who are interested in investing in the country’s real estate market.
One New Zealand company, Atconz Real Estate Development, said it is one of the most exciting emerging markets at present. It is about to start work on a $100 million project to build 1,565 residential units in a suburb of Ebril, the capital of the Kurdish region which is regarded as the most stable part of the country.
Chief executive officer Dean Michael said the company also wants to get involved in other projects in Iraq and is seeking partners for future developments.
The project, called New Azadi, will start before the end of the year and is due to be completed in three years. It will consist of 810 two bedroom houses, 700 four bedroom houses, 55 five bedroom houses, four schools, a hotel, a supermarket and a plantation as well as commercial and community services.
‘We want investors to be aware of the important potential of this new emerging market.
The government in Iraq has identified the need for 1.5 million new residential units across the country.
Our project represents only about 1% of that potential but we hope it will encourage more investors to engage in this market,’ he explained.
Michael explained that there are fewer security concerns about working in Iraq.
‘Security in the Kurdish region is safe compared with that of the south of Iraq. In addition the local people are welcoming all visitors investing money or bringing technology to the area,’ he said.
Meanwhile seven international companies are bidding to build Baghdad’s new £3 billion metro.
