Iraq has awarded projects involving the construction of nearly 1.5 million houses and the number is expected to reach five million units by 2030, an official has said.

More developers are expected to enter the Iraqi market following the improvement of investment laws in the housing sector, said Hassam Al-Khafaji, chairman of parliament’s investment and development committee.

“The government has recently awarded several projects for the construction of nearly 1.5 million houses,” he told the official daily Alsabah on Monday.

“We expect more projects to be awarded in the next period given the high demand for housing in Iraq…I believe that until 2030, the projects will include five million units.”

Khafaji noted that a large part of those projects involved the construction of cities near the capital Baghdad, the Southern Basra province and other parts of Iraq.

(Writing by Nadim Kawach; Additional writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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