The plan is that every Iraqi will get a home, but, unfortunately, the vast amounts of money needed might be hard to find.
Iraq Directory reports that prime minister Nouri al-Maliki has promised a “home for every citizen” in five years, with those who have no homes getting them at cost price. However, with the first phase costing USD2bn covering the cost of just 12 large residential complexes, the money being diverted to the problem is a long way off from creating the two million housing units needed.
The Ministry of Construction and Housing thanked the Iraqi House or Representative’s Construction Committee for its decision to extend interest-free loans from just public servants and retirees to all citizens, and for allowing other key criteria necessary for increasing investment in housing. However, it requires a lot more money. There are barely enough funds to build just five new apartment complexes next year, which cannot significantly alleviate the growing shortage.
Maliki made dealing with the housing shortage his top priority this year. We shall see how much he puts Iraqi money where his mouth is.
(Sources: Ministry of Housing; Iraq Directory.)