14/12/2009 – New investment laws mean foreigners can invest in land and housing in Iraq. Iraqi law is now positively encouraging overseas property investors to the region and have reduced red tape to make the process much easier.
Oil rich Iraq could well be an investment hotspot as the violence subsides and investors have the opportunity to acquire real estate at rock bottom prices. Iraq is banking on foreign investment and is removing all obstacles by reducing bureaucracy and outdated land ownership laws.
Iraq,” National Investment Commission Chairman Sami al-Araji “This is a huge achievement for everybody, the parliament, the cabinet and the Iraqi people. This will remove many obstacles blocking the investment process, in Shi’ite-majority Iraq hopes to build millions of new housing units, including some near Shi’ite Islam’s holiest sites. The millions of pilgrims who visit each year are likely to show a strong interest, especially as hotel accommodation is limited.
“This is an interesting move and it may be timely because globally, real estate markets appeared to have bottomed. Iraq is a fully fledged economy and while there are risks there, there are also good opportunities,” said Saud Masud, head of research and senior real estate analyst, Middle East and North Africa at UBS in Dubai.
The new law, which must now be approved by Iraq’s presidential council, also aims to speed up the process of applying for investment licenses and to clarify federal and provincial powers when dealing with investors.
A search on Rightmove and international real estate portal homesgofast.com reveal zero listings from Iraq at this stage.
