Kurdistan Regional Government of Iraq is expecting the completion of Dream City residential project in the governorate of Dohuk by the year 2022, at a total projected cost of USD 383 million, a source at the region's investment authority told Zawya.
"This project comprises the construction of a comprehensive residential complex in the city of Dohuk, which incorporates some 6,800 housing units. It is considered one of the most prominent residential projects being executed by local company North Kit." said Dr. Kamran Al-Mufti, director general of the contract evaluation and authorization department of the Kurdistan Board of Investment.
Iraq currently is undergoing around 61 residential projects, for medium-cost residential units; in addition to 50,000 low-cost units. However the country is in urgent need of more than three million housing units till the end of 2013, in order to tackle the acute housing shortage.
The region's government had allocated a sum of IQD 1.667 trillion from the current year's budget for supporting service projects and reviving housing and development in Kurdistan, as stated by the ministry of housing.
Al Mufti also added that the Dream City residential project was granted an investment license on 31st January 2012 and covers an area of 518,000 square meters.
© Zawya 2013
