Iraq needs 4 million units to overcome ‘housing crisis’: Investment chief

The country’s “housing crisis” could be solved by constructing 3-4 million housing units.

Kurdistan 24 2022/04/10 12:26

Bismaya housing project in Iraq's capital Baghdad. (Photo: Iraqi National Commission of Investment)

ERBIL (Kurdistan 24) – Iraq needs to build approximately four million homes to solve its ‘housing crisis’, Suha Daoud Najjar, the head of the country’s investment commission, said on Saturday.

In 2021, the investment authority granted 130 licenses to housing investment projects in the country, Najjar told state media, adding that works was resumed on many “suspended projects”.

The country’s “housing crisis” could be solved by constructing 3-4 million housing units.

Addressing the challenges her Commission had faced, she pointed out that “political pressure” is still ongoing with regard to obtaining licenses for housing projects.

“We have lost millions of donums to ‘ghost’ and ‘semi ghost’ projects,” Najjar said.

One of the mega housing projects Iraq had recently witnessed was Bismaya Project, implemented by a South Korean company in Baghdad.

To fully complete the project, the country needs $4 billion, she added, hailing the housing enterprise.

Unaffordable housing is one issue that Iraqis face, particularly in the newly-built projects.