Real Estate In Iraq
The term real estate refers to the land and the property that are essentially fixed to the land. Real estate is one of the most lucrative as well as durable forms of investment that are widely preferred by people all around the world. Around the world there are many companies that list the availability of pieces of real estate and also list countries and indeed cities in terms of the ranking as per the real estate value. The recent recession in the global arena has depressed real estate values because of much lower demand that it now represents. The slide in prices and demand has indeed also put many potential projects on hold as builders would like to adopt a wait and watch stance vis-à-vis real estate constructions and building.
Within the overall terms of real estate, one of the first things that can be considered is land. Land is the purest and most commonly known form of real estate. A lot of people believe that investing in land is the best investment for the future as land appreciates in value like gold, over time and can be held from generation to generation as a part of the family heritage or heirloom. There are many instances of serious family feuds breaking out on account of land and property disputes across centuries and in different parts of the world. In Iraq, land as a form of real estate that can be invested in is gaining greater popularity now that the oppressive dictatorial regime has gone. Freedom is in the air and this is having positive rub-off effect on land prices too.
Apart from land, the building, house, office or any other fixtures over a piece of land are also considered as real estate. For instance, in a city, real estate would consist of a an apartment complex that is build on the piece of land on which it stands, including the parking lots, playground, swimming pool and the myriad amenities that accompany it. There are a host of companies that deal in real estate block deals, their core business being the construction of these huge apartment blocks which are sold by builders to respective tenants or house-owners. In Iraq, there are many such residential complexes coming up in cities like Bahgdad, Basra, Mosul and areas in Kurdistan to facilitate the rejuvenation of the Iraqi real estate sector.
Commercial buildings and office space are also considered to be part of real estate. For instance, in an urban area, the shopping mall that is built in a residential area would constitute a prime real estate area. From Baghdad to Bombay and London to Laos, some of the costliest pieces of real estate in a city are comprised by its commercial buildings and blocks that combine office space along with shopping areas. With the reconstruction of Iraq underway, there is an overall development of the real estate sector that is visible and clear for all to see. There is also added interest in the real estate sector among Iraqis and foreigners alike.
