A South Korean firm said on Saturday that it will build a 100,000-unit housing development south of Baghdad, according to a report from AKnews.
At the end of a visit to South Korea in April, Prime Minister Nouri al-Maliki signed a number of contracts in the areas of economy, construction and energy.
A group of Korean firms proposed a large-scale investment project to address Iraq’s shortage of housing by building a total of a million homes, made available on a credit payment system.
Commission member Salman al-Moussawi told AKnews that the 100,000 homes the Hanoua Company [Hanwha?] from South Korea are building in the capital’s Bismaya district will be sold for $50,000each.
After making a 25% down payment to secure the transaction, “the balance can be paid off in stages,” Moussawi explained.
The South Korean contracts will effectively halve Iraq’s housing crisis, which requires the building of two million new homes, a target originally projected to take around 20 years to meet.
Moussawi said that further contracts with South Korea in other sectors are currently being drafted.
“An agreement will be signed soon between South Korean companies and the Iraqi side with regard to energy, and the development of Iraqi ports,” he said.