Reconstruction Of Iraq
It has been along time since Iraq witnessed peace of any sort. Right through the 80's the country was locked in a bitter war with its neighbor Iran that was quite debilitating to say the least. There were so many lives lost and the economy of both these countries was quite ravaged. Iraq was known to use chemical weapons against Iranian soldiers and also nerve gas against the Kurds, under the totally autocratic regime of Saddam Hussein. The war with the Iranians was suspended in the late 80s with a peace brokered by the US and some western powers. It is quite true that investing in real estate in Iraq under such circumstances was quite impossible.
Later, after Iraq conquered Kuwait, there was a massive US-led coalition offensive in Iraq and in 2003, the US forces deposed Saddam Hussein's regime a full 12 years after the Kuwait invasion. This was because there were reported irregularities with respect to inspections for disarmament. With the change in regime, some hope was kindled that things would change for the better. There was a huge effort launched to try and bring about the reconstruction of Iraq. Investing in real estate in Iraq was an option that had long been forgotten as conditions were not conducive for the development of real estate business. This is not hard to analyze or believe as real estate in Iraq now means opportunity in terms of bargain deals and better options to get quality properties at reasonable price just as the economy is emerging from the shadows.
After the ravages of war, the reconstruction effort would need billions of dollars investment in ports, roads, oil rigs and other infrastructure projects. The overall growth and development in the economy will bring about opportunities for improvements in the real estate sector. There will be a lot of demand for residential areas as engineers and construction workers will need to be housed and thousands upon thousands of real estate development employees would require housing. The war has also left a lot of residential areas devastated and totally flattened into rubble which will need to be developed into livable real estate properties. Investing in real estate in Iraq has thus become a distinct possibility. There are areas in the vicinity of the Baghdad University for instance that are now being developed in terms of quality housing development.
The reconstruction of Iraq is linked to the development of oil reserves. The per day production of oil has not reached the pre-war levels and this is what is the key to the rejuvenation and development of Iraq. It is a fact that the development of real estate and opportunities for investing in real estate in Iraq is linked to the overall development of infrastructure and the economy as a whole. The exact prices at which the oil is being sold and the full control of the process of oil sale is not in the control of the Iraqi people, given the conditions of security and peace that prevail in the country.
