However, investors and business leaders feel more needs to be done to establish political stability, tackle corruption, introduce reforms and improve security.
Basim Antwan, an Iraqi investor who has business interests in the Gulf, said, “It is a risk to invest money in Iraq, not only the housing sector, but in general because the political and security situation is so unstable.”
Basim Jamil Antwan, who serves as the deputy head of the Iraqi businessmens’ union, agreed, “Instability resulting from security and political tensions leads to paralysis of the economy as a whole. Investors will not risk investing their money here.”
Antwan also said the attitude of officials and unhelpful legislation put off investors.
“Bureaucracy and our current laws do not make for a healthy business environment. For example, a businessman needs several months to register his company or investment in Iraq,” he said.
He added that corruption may also be a factor in deterring investors.
Mahma Khalil, a Kurdish legislator who serves as a member of the parliamentary committee on economics, said, “We are still late in terms of [delivering pro-] investment legislation, we need to do more.
“We have the intention to amend several laws to attract investors to housing projects.”
Analysts also warn that the number of housing units proposed is insufficient, with demand outstripping supply at the population’s current rate of growth.
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