Opportunities In RE In Iraq
A year or so back, if you mentioned investing in real estate in Iraq, you would be dubbed as a madman. The situation was so volatile that the only international traffic getting in there was that of the American, British and Australian allied forces that were sent with a view to keeping a fragile peace in the wake of the fall of Saddam and the huge instances of sectarian violence and many bombings that occurred there. But then seasons change and so also the upheavals that occur with change in regime. For many years, Saddam Hussein had ruled Iraq with an iron hand. In fact this had a great impact on the real estate business of the land as there were draconian restrictions imposed on foreigners in terms of investing in real estate in Iraq.
The overall climate in Iraq has been getting marginally better over the last year or so. There have been some people, mostly Iraqis who have been trickling in from other countries in a bid to revive real estate sector in Iraq.
While Baghdad is one of the main centers of growth and opportunity, there are quite a few other cities and regions that are apt for investing in real estate in Iraq. In Baghdad for instance, there have been some villas and luxury mansions from the Saddam era which have now been put up in the market that are driving some interest in the real estate market. These mansions are fitted with every conceivable luxury fittings and amenities that are possibly not available in many developed countries as well, including gold plated bathroom fittings and elaborate marble floors of exquisite quality. Now that the situation is improving somewhat, these mansions are slowly coming back to the market and are being offered for a couple of million dollars each and could indeed be the first signs of the revival of the real estate market.
With the return of a modicum of normalcy and some sense of control in Baghdad as well as other areas in Iraq, there is hope that investing in real estate in Iraq could become a more alluring proposition. Indeed there are areas in the city where property prices have jumped a whopping 500% as compared to earlier as an indication that things could well be looking up and fast. The general security improvement bodes quite well for the real estate market in Iraq. With the prospect of industry and the revival of the flourishing oil and gas industry, it is expected that the overall investment climate in Iraq will also stabilize.
One of the real reasons why the western world and indeed other countries are gung-ho about reconstruction in Iraq is the fact that the country is very rich in oil. Oil exploration and extraction as well as selling can be a major contributor to the economic resurgence of the country. This indeed holds out adequate hope that investing in real estate in Iraq will be in vogue in the times to come.
