Economic Developments – Baghdad
The Ministry of Construction and Housing announced the referral of five residential cities to investment developers, with plans to refer an additional six in the near future. The Ministry is coordinating with local governorates to identify suitable sites for these new developments, emphasizing that the implementation of these housing projects is expected to lead to a gradual reduction in housing unit prices.
“The establishment of housing cities represents a pivotal element of the government’s agenda in response to the escalating housing crisis in the country,” an official stated.
The objective behind creating residential cities is to attract developers and investors by designating expansive land areas and introducing innovative partnership models. A portion of the housing units will be allocated to the state, aimed at distributing them to designated beneficiary groups.
Currently, five cities have been referred to developers and work has commenced, including the Ali Al-Wardi city project, which spans 24,500 dunums and will feature 120,000 housing units. The Minister of Reconstruction and Housing has consistently approved the designs, with execution expected to begin shortly.
In addition, efforts are ongoing in other locations such as Ghazani in Nineveh, and the banks of Karbala in the holy city of Karbala, alongside the city of Gena in Babylon. Furthermore, six more cities have been announced for investment opportunities and are set to be referred in the near future. Efforts to create new cities will continue in collaboration with the provinces as part of the comprehensive approach to address the housing crisis.
It was noted that the continued execution of these projects is anticipated to gradually contribute to lowering the prices of housing units.
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