Iraq Calls For Foreign Investment For New Housing
Posted on 24 March 2014. Tags: construction, Housing, Iraq, Ministry of Construction & Housing, real estate
By John Lee.
Iraq’s housing minister Mohammed al-Darraji says that the country is planning to spend $5bn on new housing units in the next 3 years, but that the required 2.5 million new units will not be complete on time to meet demand, Rebuilding Iraq reports.
Currently there will only be 130,000 new units by next year, and Minister al-Darraji has called on investors in the UAE to enter the market, emphasizing what he saw as an attractive aspect of housing development in Iraq: that new houses were guaranteed to be purchased rapidly because of demand.
Minister Mohammed al-Darraji was speaking at the Housing Summit in Dubai.
(Source: Rebuilding Iraq)