Iraqi authorities are working on plans to resolve the housing crisis in the country, despite problems hindering investments in the sector, the chairman of the National Investment Commission told AKnews on Monday.
“The investment committee has worked on planning to implement important projects in the coming period to help solve the housing crisis,” said Sami Al-Araji.
He said the total value of foreign and Arab investment in the country is in the billions of dollars, most of which is allocated to various housing projects around the country.
An Iraqi economic expert criticized the mechanism adopted by the investment committee to implement housing schemes.
“Iraq does not have a clear strategy or a higher council to solve the housing crisis in the country,” said Abdul Karim al-Taei.
According to recently-approved the Iraqi Investment Law, the investment committee is responsible for facilitating investments and granting tax exemptions at specific rates, depending on the nature of the area in which the investment is taking place.
Iraqi government has declared it will build hundreds of thousands of houses across the country. House prices have multiplied in the recent years with the boom in real estate sector making it difficult for many Iraqis, especially young couples, to have a home of their own.