01 October 2011
Baghdad - The National Investment Commission launched the electronic registration process for the Basmaya housing project, one of the largest residential projects in the Middle East, on Thursday.
People who want to buy property in the Basmaya complex can register until October 31. First time home owner will be privileged.
The Basmaya complex of 100,000 housing units is designed by the Korean company Hanwaa and will cost approximately $7 billion USD (8.2 trillion IQD). The construction in the Southeast of Baghdad will take about five to six years. Hanwaa promised to finish the first 25,000 housing units within three years.
Home-owners will have to pay $60,000 USD (70.6 million IQD) for a house of 100 square meters. It will be financed through the banks Rashid and Rafidain that offer seven-year payment plans.
When finished, Basmaya will be as large as Geneva (Switzerland) or Seattle (U.S.A.) and have a traffic connection to downtown Baghdad.
Iraq's rapidly growing population faces an acute shortage of housing. According to the Iraqi housing and reconstruction minister, Mohammed al-Darraji, the country is in need of around two million homes to close the gap between demand and supply.
Reports and studies prepared by non-governmental organizations and international companies pointed out that Iraq needs 20 years to end the housing crisis.
The Ministry of Construction and Housing assured that the housing crisis will be resolved completely by 2020, according to the National Housing Policy which was launched early last October.
Baghdad - The National Investment Commission launched the electronic registration process for the Basmaya housing project, one of the largest residential projects in the Middle East, on Thursday.
People who want to buy property in the Basmaya complex can register until October 31. First time home owner will be privileged.
The Basmaya complex of 100,000 housing units is designed by the Korean company Hanwaa and will cost approximately $7 billion USD (8.2 trillion IQD). The construction in the Southeast of Baghdad will take about five to six years. Hanwaa promised to finish the first 25,000 housing units within three years.
Home-owners will have to pay $60,000 USD (70.6 million IQD) for a house of 100 square meters. It will be financed through the banks Rashid and Rafidain that offer seven-year payment plans.
When finished, Basmaya will be as large as Geneva (Switzerland) or Seattle (U.S.A.) and have a traffic connection to downtown Baghdad.
Iraq's rapidly growing population faces an acute shortage of housing. According to the Iraqi housing and reconstruction minister, Mohammed al-Darraji, the country is in need of around two million homes to close the gap between demand and supply.
Reports and studies prepared by non-governmental organizations and international companies pointed out that Iraq needs 20 years to end the housing crisis.
The Ministry of Construction and Housing assured that the housing crisis will be resolved completely by 2020, according to the National Housing Policy which was launched early last October.
© AK News 2011
