BAGHDAD, Iraq — Land prices in Baghdad have surged dramatically, now ranging between 2 to 6 million Iraqi dinars (nearly $1,330 to $4,000) per square meter, depending on location.
Prestigious neighborhoods like al-Jadriya and Karrada are seeing prices peak at 6 million dinars per square meter. In other parts of the city, prices range from 1 to 2 million dinars.
Adnan Furat, a real estate agent, told Zoom News’s Akam Fahmi that land prices in Baghdad have risen by 30% over the past three years.
Furat highlighted that prices in industrial areas are even higher, nearing $15,000 per square meter, with the general cost of land varying between $3,000 to $4,000 per square meter. He also noted a recent standstill in the buying and selling of residential projects due to this price surge.
To understand the issue, Zoom News visited the Iraqi Parliament. The Parliament’s Investment Committee attributes the rise in land and real estate prices to a shortage of residential projects and complexes.
“The increase in land prices is indeed attributable to a deficiency in residential and housing projects that offer competitive pricing,” said Hussein Sabri, a member of the Investment Committee.
The sharp rise in prices is driven by enhanced stability, security, and numerous investment projects, leading to a notable increase in trading levels in Baghdad.
Reporting by Akam Fahmi
