Kurdistan Regional Government (KRG) in Iraq has completed 85% of works in Avro City housing project in Duhok governorate, the project is expected to be complete by 2014, a senior official told Zawya.
"Avro City housing project is part of a number of residential projects under construction in the region, in collaboration with international companies, at a cost reaching USD 500 million", said Kamran Mufti, director-general, of the KRG's board of investments.
According to the board of investment's data, 190,000 housing units have been built since 2007 and the region needs a further 15,000 housing units to meet rising demands.
"The Avro City project which is now 85% complete is a fully integrated residential complex, which includes schools, day care centers, and service facilities. The complex will consist of 3,452 residential units," said Mufti, adding that the project will help to alleviate the housing crisis.
"Investments in the residential sector have gained a steady pace after a boost was given to the sector by Investment Act No.4/2006, which allowed major facilitations for both local and foreign investors," he explained.
"Providing suitable housing would stabilize the socio-economic situation, and hence make the projects of strategic importance, yet such projects must bear in mind low income families and their housing needs," said Dr. Salahuddin Kaku, economist and president, of SABIS University in Erbil - Iraq.
© Zawya 2013
