Economy News – Baghdad
On Wednesday, Prime Minister Muhammad Shi’a Al-Sudani inaugurated the execution of works on 10,000 residential plots as part of a broader initiative to distribute housing lands in the Nahrawan district of Baghdad Governorate.
To effectively address the acute housing crisis in Iraq, which requires the establishment of between 3 to 3.5 million housing units, the government has embarked on developing 52 residential cities across central and southern governorates. This initiative also includes the creation of various residential complexes and the provision of loans aimed at building, refurbishing, and purchasing housing units, all regarded as foundational solutions to a pressing issue affecting millions nationwide.
On October 24, 2024, Prime Minister Muhammad Shi’a Al-Sudani announced the commencement of activities for a novel real estate development project, presented for the first time under a revised governmental vision that focuses on offering service-oriented housing plots at affordable prices to the public.
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