September 8, 2021 | real estate

Second Construction Investment and Real Estate fair kicks off in Erbil

ERBIL, Kurdistan Region - The second Construction Investment and Real Estate fair kicked off in Erbil on Tuesday with the participation of more than 150 foreign and local companies that aim to encourage investment in the Kurdistan Region.

“The exhibition includes some important fields, such as investment, building, housing, building material as well as furniture. As we know these sectors are important in the Kurdistan Region and have seen a lot of progress. We thought it important to open a place like that in the Kurdistan Region,” Sazan Ahmed, one of the organizers of the exhibition, told Rudaw on Tuesday.

The investment and real estate exhibition is open from September 7 to 10 with the participation of dozens of companies, eight of them foreign, including from Iran, Turkey, Cyprus, Greece, Oman, Emirates and Germany.

“Most of the projects during those four days have special offers. Citizens can directly buy and sell from these projects,” another organizer, Hardi Salam, told Rudaw on Tuesday. “Most of the companies have new projects [...]. There are discounts from five to ten percent.”

“Our aim in opening these exhibitions is to encourage foreign and local investors to invest more in the Kurdistan Region. That will have a positive effect on the economic market of the Region,” Salam said.

Housing is one of the most important sectors in the Kurdistan Region, which comprises one-third of all of the investment in the Region. According to data obtained by Rudaw from the Kurdistan Region’s chamber of commerce, there are more than 5,800 real estate companies and offices in the Region.

Erbil is the main location for this market, according to a research conducted in June by Rudaw’s Research Center, which shows changes in the housing sector in the Kurdistan Region between 2019 to 2021. There are a total of 89,257 residential units in Erbil, which make up for more than half of what’s in the whole Region. There are more than 31,000 in Sulaimani, more than 53,000 in Duhok and 1,000 in Halabja.

“The center of Erbil province is the most active market for housing investment, purchase and selling out of Iraq and the Kurdistan Region. The total number of housing projects in Erbil province is 93,” the research says.

Housing prices for one cubic meter has increased by 7.8% since 2019, and land has increased by 26.67%, according to the research. Although apartments in Erbil are most expensive, the study found that “prices change monthly and weekly.”

The Kurdistan Region saw a record fall in real estate prices in 2015 as it found itself in a dire economic crisis.

Housing and rent prices started to increase again in 2018 for the first time after the Islamic State (ISIS) swept through Iraq in 2014. Citizens from central and southern Iraq came to the Kurdistan Region, and foreign companies returned, many which had left the Region out of fear for ISIS. Construction had been halted as foreigners deemed the Region too risky.

“We can see there's been good development in all fields in recent years … but one of them is real estate. In just a few years, we have been able to see great and fast development. As we know real estate wasn’t like this before, there were just offices and normal buying and selling, but it has changed a lot now. We have a lot of mechanisms and techniques of buying and selling,” Bakhcha Mhedin, head of marketing specialist at Manar real estate told Rudaw on Tuesday.


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