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Erbil,
Kurdistan-Iraq, April 13, – Real estate prices have
shot up in the northern Iraqi region of Kurdistan
because of violence in the mainly Sunni center and
the mainly Shiite south, real estate agents in Erbil
said on Thursday.
"When a bullet is fired in Falluja, prices rise
here," said Rizkar Aziz, who owns a property agency
in Erbil.
Another real estate agent, Fateh Barzanji said "Real
estate prices have been rising in Kurdistan for a
long time. But we have not seen anything like what
has been happening in the last two years, whether
purchase prices or lease prices,".
He attributed the rise to several factors including
stability of the region compared with other parts of
Iraq and marked activity in reconstruction and
investments.
Barzanji also cited the presence of foreign firms
and organizations as well as a return of Kurdish
immigrants who spent years as refugees in Europe.
Opening airports in Erbil and Sulaimaniyah also
helped, he added.
"This led prices to double several times," Barzanji
said.
"Events in the south and center of Iraq greatly
affect the rise of real estate prices because there
are a great number of wealthy people who take
refugee in Kurdistan when things get worse," he
added.
But events in Kurdistan itself have little effect on
prices, he said.
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