Families Sell Homes at Half Price, Fuelling Real Estate Boom

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Anbar Families Seeking Safety Sell Homes At Half Price, Fuelling Real Estate Boom

If there is one winner in the province of Anbar right now, it may well be those dealing in real estate. Families who have returned want to leave again, and are selling property at half price to be able to do so.

Ramadi local, Omar al-Hamdani, 48, says he never thought he would live anywhere else but his hometown. But things are becoming impossible.

“Working hours and transport is determined by the military leaders here, using security plans that often don’t appear to be very well organised,” he told NIQASH. “Sometimes one of the security teams at one of the checkpoints blocks a whole neighbourhood from going to work, using the excuse that there are security breaches that threaten the population,” he complains.

Security procedures in Ramadi are complex and time consuming and his family are only too well aware that there is still significant threat of extremist attacks. Additionally, al-Hamdani says, health care facilities are non-existent nor is schooling. On top of this, a business he had founded while out of Anbar was doing well and would support him in the semi-autonomous and far more secure northern region of Iraqi Kurdistan.

So he’s relocating. To move though, al-Hamdani has had to sell his house, a large property in a good central neighbourhood.

“In the past my house was valued at about IQD250 million [about US$208,000] but I sold it for IQD150 million. I know this is a low price but I didn’t hesitate,” al-Hamdani explains. “I wanted to stop paying anything toward the house – the payments were a terrible burden on us while we were displaced – and now I just want a safe, secure life for my family away from ideological conflicts or any threat of further displacement.”

While selling property at such a low price means a loss for the sellers, it is proving to be an opportunity for the buyers.

One Response to Families Sell Homes at Half Price, Fuelling Real Estate Boom

  1. A. J . Aziz February 4, 2017 at 7:14 pm #

    the same happens in KRG , only for different reasons , all activities stopped , so the real estate boom , house in Italian village 2 gone down from 200 thousand USD to less than 130 thousand USD, as it showed up that it was over estimated ( including 5 million USD in bribes
    forced on investors by local elite politicians ) , those from ANBAR lived mostly in ERBIL , found out that it is safe place , so selling there house in ANBAR can buy better houses in ERBIL , the cities in ِAnbar , SPECIALLY IN RAMADI is volatile, too much corruption , still hard line sunnies work for ISIL, so population do not feel safe , even they were humiliated by ISIL , but keep some kind of affection for them , specially in FALUJA .

    Anyway if you visit ERBIL ,you shall see for yourself no less than 10000 house empty , italisn village 1 no less than half of houses are empty , rent gone down from 2300 USD per month to 1200 USD , in italian village 2 rent gone down from 1800 USD per month to 700 USD, inside ERBIL i rentd 2 story house for 300 hundred thousand dinars , before it was rented for 600 thousend dinars .

    On the other side politicians who robbed the country build new lavish villas , purchase more abroad .