\nIraq is the new emerging real estate investment market of the Middle East as security concerns dwindle and the government commits itself to major property developments, it is claimed.\n<\/p>\n
\nGroundbreaking residential projects are being announced on a monthly basis and the mayor of Baghdad has revealed a five year plan to build 300,000 housing units in the city.\n<\/p>\n
\nSabir Al-Issawi said that the country is talking with a wide variety of developers from across the world who are interested in investing in the country\u2019s real estate market.\n<\/p>\n
\nOne New Zealand company, Atconz Real Estate Development, said it is one of the most exciting emerging markets at present. It is about to start work on a $100 million project to build 1,565 residential units in a suburb of Ebril, the capital of the Kurdish region which is regarded as the most stable part of the country.\n<\/p>\n
\nChief executive officer Dean Michael said the company also wants to get involved in other projects in Iraq and is seeking partners for future developments.\n<\/p>\n
\nThe project, called New Azadi, will start before the end of the year and is due to be completed in three years. It will consist of 810 two bedroom houses, 700 four bedroom houses, 55 five bedroom houses, four schools, a hotel, a supermarket and a plantation as well as commercial and community services.\n<\/p>\n
\n\u2018We want investors to be aware of the important potential of this new emerging market.\n<\/p>\n
\nThe government in Iraq has identified the need for 1.5 million new residential units across the country.\n<\/p>\n
\nOur project represents only about 1% of that potential but we hope it will encourage more investors to engage in this market,\u2019 he explained.\n<\/p>\n
\nMichael explained that there are fewer security concerns about working in Iraq.\n<\/p>\n
\n\u2018Security in the Kurdish region is safe compared with that of the south of Iraq. In addition the local people are welcoming all visitors investing money or bringing technology to the area,\u2019 he said.\n<\/p>\n
\n Meanwhile seven international companies are bidding to build Baghdad\u2019s new \u00a33 billion metro.<\/p>\n","protected":false},"excerpt":{"rendered":"
\nIraq is the new emerging real estate investment market of the Middle East as security concerns dwindle and the government commits itself to<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"persona":[],"class_list":["post-3102","post","type-post","status-publish","format-standard"],"acf":[],"yoast_head":"\n