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Price of properties to skyrocket in Erbil,
Iraqi Kurdistan: Report
13.11.2013 |
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November 13, 2013
ERBIL-Hewlęr, Kurdistan region 'Iraq',— IKG
Properties is an Erbil-based advisory firm that
monitors and gives advise on the Kurdistan Region
and Iraq real estate properties.
The IKG report reveals that the real estate field
has not been improved in the Kurdistan Region: “one
of the problems with the sector is that the real
estate agencies don’t have proper offices, but now
that international companies are coming into the
region, they have started to put their places in
appropriate offices.”
The report points to four main factors behind the
bad condition of trade centers buildings in Erbil
the Capital of Kurdistan region.
According to the report “The buildings are low
quality. Most of them have opened shops on the
ground floors, while the higher floors are offices.”
However, the report reveals that with the arrival of
more international oil and gas companies the demand
for better standards has increased in Erbil.
IKG notes that in 2013 only 50,000 meter squared of
land was used for trade offices,www.Ekurd.net
but they predict that the number will increase to
430,000 meter squared by 2016.
According to the report the price of those
offices is $45 per meter and for the villas its $20
per meter.
The rent in the gated communities, such as Italian
and English village, has increased by 20 per cent,
since last year.
The report also reveals that rent in Erbil for
offices is equal in price to cities like Munich,
Huston, Vancouver and Abu Dhabi.
They also predict that by 2016, there will be 35,000
international standard villas being built in Erbil.
The current monthly rate for those villas goes from
$65-75,000 ($2,000) per meter and are on sale for
$250,000.
By Shwan Barzani. Published by Ekurd.net in cooperation with
Basnews.
Copyright ©, respective author or news agency,
basnews.net
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