Iraq

Property for sale in Iraq

Iraq, officially the Republic of Iraq, is a state of western Asia. It borders Turkey to the north, Saudi Arabia and Kuwait to the south, Syria to the northwest, Jordan to the west and Iran to the east. Its capital is Baghdad.

Erbil is the fourth largest city in Iraq after Baghdad, Basra and Mosul. It is located at 80 kilometres east of Mosul and is the capital of Iraqi Kurdistan. Erbil is one of the best place where buying a property for sale in Iraq. Erbil is considered as one of the oldest continuously inhabited cities in the world with recordings urban life dating back to 6000 a.c.

Erbil is the economic capital of the Kurdistan region and retains a significant role in Iraq, attracting a large number of people trying to take advantage of the economic growth and security of the city. With the large hydrocarbon reserves of Kurdistan and security, compared to the rest of the country, the economy is expected to support it growth, further increasing the demand for real estate and social infrastructure.

The increase in population together with the expected economic growth continues to increase the demand for real estate projects (residential, commercial, property for sale in Iraq and hotel) and social infrastructure projects such as educational and health facilities in the region.

Political risk, however, remains the main concern. Recent physical disputes with Baghdad has raised concerns about the worsening of relations between Erbil and central government. However this is currently in balance with the increase in violence in non-Kurdish Iraq and potential peace dividends since the recent rapprochement.

The residential real estate market in Erbil shows continued potential growth. Market fundamentals remain strong, supported by slow growth of supply. Government studies estimate that there are a total of 112,500 housing units necessary during the next 5 years. Judging by the construction activities in the city is doubt however that this volume of housing units will be delivered on time. This the estimate also concerns only the growth of the population and does not take into account the demand generated by buyers interested in property for sale from other parts of Iraq, which could lead to further pressure on supply