The vast Empire World real estate development — the largest such development in Iraq — is a centerpiece of the KRG’s continued emphasis on creating a business friendly environment, including a luxury hotel, a villa residential neighborhood, and a surfeit of turnkey office space, all in one sprawling complex.
Slated for completion in 2017, the Empire World development represents a $2.7 billion investment in the future of the high-economic growth autonomous Kurdistan region in northern Iraq.
In an interview with Marcopolis, Peshraw Majid Agha, Chairman of Falcon Group, the developer of Empire World, spoke about the large-scale development and where it fits in with the overall real estate and construction sector in Kurdistan’s capital, Erbil.
“The outlook for real estate in Erbil is for further growth. There is more and more demand and there is cash in the market as many investors are coming to Kurdistan. Everyone is looking at the opportunities that exist in Erbil. It is now one of the most important cities in Iraq for business,” Mr Agha told Marcopolis.
”Kurdistan is acting as an introduction to Iraq for investors. Investment here is growing, there is a lot of investment happening in infrastructure, power, roads etc. I think the outlook for real estate in Kurdistan therefore is also very good.”
The Empire World chairman noted that each phase of the project was started in tandem with various market demands, such as large deficit in the housing market.
He added that the location was an ideal one given its proximity to the international airport and a large park, all of which, combined with his vision for a mixed residential and office complex, made the location perfect for both living and working.