The National Investment Commission will build one million housing units all over the country to be sold on an installment plan, the head of the commission said on Wednesday.
“The cabinet decided to double the number of housing units to one million after 100 specialized foreign companies had expressed their willingness to invest in the (housing) sector,” Sami al-Araji told Aswat al-Iraq news agency.
The units will be built all over the country, including Iraq’s Kurdistan region.
The units will be sold for $50,000 U.S. dollars (59 million Iraqi dinars) each. The purchaser will have to pay a deposit of 25% to receive the unit and the rest is spread out over 10 years, Araji noted.
Iraq needs two million housing units, according to a five-year plan drawn up by the investment commission for the years 2010-2014.