“Real estate is the best investment you can make” — says a potential buyer in an affluent suburb of Baghdad.
Although no banks offer mortgage loans and incomes remain low, confidence in the future of Iraq is reflected in the booming real estate market.
The fall of the regime has encouraged the return of many Iraqi exiles, who bring with them the desire and ability to buy property undervalued by years of onerous restrictions on property ownership.
Iraqi citizens with the means are now able to buy houses and property usually held for the privileged class of government and high ranking officials. This has created a tightening housing market for those who now feel free to trade up into more affluent neighborhoods.
As the economy recovers, real estate prices can only go up and many are buying now fueling the real estate boom.