By John Lee.
Housing prices in Iraqi Kurdistan have reportedly increased by 20 percent in 2018, while rents has gone up by 15 percent.
Citing research from real estate company Baghi Khoshnawati, Rudaw says that demand for rental accommodation in the second half of 2018 has increased by 45 percent compared to the first half of 2018.
It adds that the rent for a house in the Italian Village in Erbil has increased from was $500 per month in May 2018 to $650 now, but “there are no houses available because of high demand“.
(Picture credit: Jan Kurdistani21)
By John Lee.
Prime Minister Dr. Haider Al-Abadi has directed an additional 800 billion dinars ($669 million) to Iraq’s housing fund.
According to a statement from the Prime Minister’s office, the directive “came in the interest of providing housing loans to citizens, which is estimated at about 25 thousand new housing loan, which in turn will create jobs for citizens and meet their basic needs“.
(Source: Office of the Prime Minister)
By John Lee.
The National Investment Commission (NIC) has announced six new investment opportunities in Iraq:
- New Housing Compounds, Ministry of Water Resources
- Lime plant in Karbala, Iraqi Cement State Company
- Caustic/chlorine plant in Khor al-Zubair, State Company for Petrochemical Industries
- Industrial and medical gases, Al-Zawraa State Company
- Chlorine plant in Muthanna, General Company for Mining Industries
- Paper sack production, Iraqi Cement State Company
(Source: National Investment Commission)
(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)
By John Lee.
South Korea’s Hanwha Engineering and Construction (E&C) has said it haws received an additional payment of $230 million from the Iraqi government for work carried out in the first half of this year on the Bismayah New City project in Baghdad.
According to the report from Business Korea, the total contract is valued at $10.1 billion, of which Hanwha has so far received a total of $3.47 billion.
The project will see around 100,000 homes built near the capital.
(Source: Business Korea)
By John Lee.
China’s ZhenHua Oil [Jinhua] has signed a service contract to develop the southern part of the East Baghdad oil field.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] said that the signature of the contract was significance for Baghdad because it is the first project in the capital.
The development of the field will raise the production of the Midland Oil Company.
As part of the deal, the project will also provide social services, and see the construction of a housing complex with 2000 residential units.
(Source: Ministry of Oil)
AMH Group is pleased to announce it has had its proposal to build 12,000 homes for the Ministry of Transport employees in Basra and Baghdad accepted by the Minister of Transport.
The project will be led by an international consortium of Chinese and British companies aimed at closing the housing shortage in Iraq, whilst providing much needed infrastructure as well as world class municipal facilities such as hospitals, schools, police and fire departments and sports complexes.
On behalf of the consortium, Mohammed Alkhouzai expressed his gratitude to the Minister of Transport for his tireless work to help the people of Iraq by improving the transport services as well as the Ministry of Transport employees by providing them with much needed houses, infrastructure and municipal facilities in the cities of Basra and Baghdad
The consortium will now begin its negotiations with the Ministry of Transport to finalise the contract.
(Source: AMH Group)
By John Lee.
Zawya reports that the Iraqi cabinet has asked the National Investment Commission (NIC) to go ahead with the huge Al-Rashid City project planned for Baghdad.
The $10-billion development is to be carried out by Dubai’s Emaar Properties and Abu Dhabi’s Eagle Hills, and will include the building of “up to” (sic) 64,000 new homes, has previously been estimated by Iraqi officials to have an investment value of about $10 billion.
Emaar Properties told Thomson Reuters that it will make appropriate disclosures when the agreements are finalised.
(Picture: Construction at Bismaya New City)
700 families in West Mosul receive housing units from UNHCR with funds from the people of Japan
Some 700 families in Mosul whose homes were destroyed in the recent conflict now have a new place to live. Temporary housing units were set up in 26 neighbourhoods in the west of the city, which saw extensive destruction in the battle to retake the city from extremist control.
During the battle for Mosul, almost 1 million Iraqis fled the fighting, seeking safety in nearby camps and host communities. After the fighting ended people began to return to the city, but for many citizens of Mosul, their homes were too badly damaged for them to return.
“So many displaced Iraqis want to go home and restart their lives,” said Bruno Geddo, UNHCR Representative in Iraq. “Rebuilding Mosul is an immense task that will take years. The housing units will provide shelter for up to three years to Iraqis returning to their communities. This will give them breathing space to make longer term plans.”
The people of Japan generously donated US$ 4.5 million to camp management services, cash assistance and temporary housing programmes to support displaced people and returnees in Mosul cope with the harsh winter conditions. Approximately 18,000 people benefited from the cash assistance, while 4,200 people are housed in the new housing units. The units were formally handed over to their new occupants by Mr Geddo at a ceremony in Mosul on 21 February.
H.E. Mr. Fumio Iwai, Ambassador of Japan to Iraq said, “We remain concerned about the unstable humanitarian situation in West Mosul even after its liberation from the battle, where many of the houses were completely destroyed or heavily damaged.” He added, “Japan strongly hopes the provision of housing units and cash assistance through this emergency grant assistance help the displaced and returnees secure their shelters and the basic needs as a response to the transitional phase for further stabilization and reconstruction of the city.”
“Thanks to the generosity of the Japanese people, 700 families now have a housing solution that keeps out the winter cold,” said Mr Geddo. “Although the emergency is now over, we have a responsibility to continue to support the people of Iraq. Sustainable return is a cornerstone of the transition towards a better future. We must not let them down at this critical juncture.”
By John Lee.
Iraq’s National Investment Commission (NIC) has included three major new housing programs in its list of major strategic projects to be presented during the Kuwait International Conference for Iraq Reconstruction, to be held in Kuwait from 12th to 14th February:
A. First phase / building 25,000 housing units in each province for low / medium income citizens in addition to low cost housing for limited income people including the infrastructure (water, electricity, sewage ,gas and telecommunication).
An economic design was selected for the Investment Housing Project in Maysan Province 2017 to build 4000 housing units in Umara City.
B. The New Karbala City Project
Area/(15) Million m2, it includes (136) various investment opportunities. Establishing an integrated city in terms of services (vertical and horizontal housing units, hotels, shopping center, educational sector recreational sport banks Islamic science office conference hall).
Karbala Downtown Development (area:750 dunam) near the holy shrines, could be developed into housing complex, multi-storey garage, commercial center and tourists areas.
C. Dhifaf Karbala Project:
Estimated cost: $6bn
40 thousand housing units as phase one aiming at 85 thousand in addition to commercial centers, recreational centers and social services.
The full 46-page document can be downloaded here.
Iraq will ask foreign oil companies operating in the country to build housing for Iraqis employed on their projects, the oil ministry in Baghdad said in a statement on January 10.
Oil Minister Jabar al-Luaibi “issued a general notice which commits contracted companies to build modern housing compounds and provide essential services to employees,” the statement said.