House prices soar in Baghdad: only billionaires can afford homes

ERBIL (Kurdistan 24) - In some parts of Baghdad, the price of a square meter has skyrocketed to more than $15,000, making home ownership unattainable for ordinary citizens, who say only billionaires can afford houses in these areas.

In certain neighborhoods, such as al-Mansour, prices exceed $10,000 per square meter, while in Yarmouk and Kadhimiya, they reach $11,000. In other parts of the city, the price is over $7,000 per square meter.

This inflation has not only impacted land and houses but also housing projects, pushing them beyond the reach of most residents.

"Only billionaires can buy houses in places like Mansour," residents say, as real estate agency owners report unprecedented price records.

These prices are among the highest in the world.

Experts suggest that the steep rise in house prices is due to money laundering within the sector.

They note that many people prefer to invest in real estate rather than depositing money in banks to avoid scrutiny and questions about the source of their wealth.

Despite the significant increase in house prices, successive Iraqi governments have failed to find a radical solution.

The lack of effective intervention continues to leave ordinary citizens unable to dream of buying a home in Baghdad.