Iraq has devised a long-term housing strategy that takes into account its high population growth rate and an expected investment influx, an official has said.

The Planning Ministry has completed the strategy which includes the construction of sufficient housing units to match a 2.5 percent annual rise in the population, the Ministry’s spokesman Abdul Zahra Al-Hindawi told the official Iraqi News Agency on Thursday.

Hindawi said the new strategy has become “imperative” following a large increase in the population to nearly 43 million at the end of 2023 and relatively low investments in housing projects over the past two decades.

“Without this strategy, we will not be able to cope with the population growth and this would result in high unemployment, poverty and a sharp decline in services,” he said.

Officials said this week Iraq is suffering from a housing supply gap of two million.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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