Monday, April 25, 2005

Real Estate Bubble in Iraq?

  • In a sign of growing economic confidence, the real estate prices in Baghdad are on the way up:
    Residential real estate prices in Iraq's capital have quadrupled in many parts of the city, says Ali al-Difaie, 54, manager of a government office that processes property deeds. Difaie and real estate agents say the rise is driven by an increase in income since the U.S.-led invasion two years ago and the liberalization of building and property laws... Statistics are hard to come by, but Difaie says an average 3,000-square-foot home in Baghdad's upscale Mansour district sells for $300,000 now. That is four times the Saddam-era prices. Prices are similar in other middle-class neighborhoods around the capital, Difaie says.
  • The prices have initially risen following the liberation, but then were driven down by the security problems. Following the January election and improving security situation, the trend is up again.

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