Investments in Iraq’s housing projects have surged by nearly 40 percent over the past 18 months amidst a severe residential problem caused by a sharp decline in projects due to the war, an Iraqi deputy was reported on Thursday as saying.

Corruption and the delay of a large number of projects have aggravated the housing supply crisis since 2003, Madr Al-Karawi told the official news agency INA.

“The private sector has largely increased its investments in housing projects to narrow the supply gap…I think there has been a 40 percent rise in such investments in the past 18 months especially following an improvement in the security and political situation,” he said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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