A Procedures to Reduce the Real Estate Prices

INA-  Baghdad

Ministry of Construction, Housing, Municipalities and Public Works announced, on Wednesday, a Procedures to reduce real estate prices, and while it indicated that loans will be granted to citizens to purchase housing units in new projects, the state determined the proportions of land served in these projects.

Nabil Al-Saffar the Ministry spokesman stated in a statement received by the Iraqi News Agency (INA) that" the new residential cities, according to the contract of the new company, which happens for the first time in Iraq, is to take a percentage of those units and distribute them among community groups ",indicating that "the cities referred for implementation vary from one city to another according to the number of housing units, geographical location and population density of the provinces”.

He added that " the state will receive 25% of the serviced land in the city of Al-Jawahery, to be distributed among community groups, and other cities the percentage ranges between 10% -25%؜", pointing out that "there will be loans for citizens to buy these housing units”.

He pointed out that" the ministry seeks to increase the population balance in the country, considering that the increase entails a decrease in the prices of housing units and real estate located in Baghdad and the provinces ",explaining that "the committee formed under the chairmanship of the minister of reconstruction and housing will set controls and standards for the distribution of these units, which were mainly targeted the low-income community groups, and the middle class through several mechanisms, including the possibility of the state to afford 50%؜ of the value of the housing unit in exchange for giving a loan to the citizen and repayment will be over many years".

He pointed out that" the issue of distribution accurately took into account the inclusion of all existing categories to eliminate the housing crisis" ,stressing that "the ministry is proceeding with the Residential Cities project, with the aim of lowering real estate prices”.