Nov 13 2012
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Baghdad builds 5,200 residential units for USD348m
The project involves building 1,000 residential units in Taji, in the north of Baghdad, 1,000 in Mahmoudiyah, southern Baghdad, and 1,600 each in the Nasr and Salam localities of the Iraqi capital, according to Kamel Al Saedi, technical deputy to the governor of Baghdad.
According to official statistics from the Iraqi ministry of construction and housing, Iraq needs three million residential units to meet demand by the end of 2015. The government is expected to allocate around 40% of the annual budget for 2013 toward housing and Infrastructure projects.
"Investment in the housing sector is vitally crucial as any civil state should be committed to providing appropriate housing for all citizens," said Ayda Fawzy Al Wadi, an economist and professor at the College of Administration and Economics in Baghdad. "Iraq suffers a throttling crisis in housing, and prices and rents have become unaffordable."
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