Nermin Al-Mufti
I wrote in the same space two years ago about investment, which economists confirm is one of the tributaries of national income, in addition to being a solution to many pressing problems that a country faces in conditions like Iraq, including unemployment and housing. At the time, I wondered about the volume of imports that investment projects had pumped into the Iraqi national product? Of course, I did not hear an answer.
Investment, especially in residential projects, so far seems to be to the benefit of the investor and those who deal with him.
Although there are 46 residential investment complexes in Baghdad only, based on a report by the National Investment Authority in April 2023, and there are certainly approximately the same number and perhaps more in the governorates, the housing problem remains unsolved in Baghdad in particular and the governorates in general.
In the same report that I referred to, the authority said that it was in the process of taking decisions to prevent speculation in the prices of residential units in investment complexes, but it added that “the demand for ownership of residential units is greater than the available supply, which led to an increase in unit prices.”
Why am I writing about investing in residential projects again? Note that I am not the only one who writes, but there are dozens of articles and studies that have been published and the situation insists on continuing as it is. This is one reason and the other is that the roof of one of the houses in the building fell about a week ago as a result of the rain, and led to the death of two boys. For your information, no winter passes in Iraq, despite the… Rainfall is scarce without one or two houses collapsing, and there are often deaths, at a time when we hear about projects to build low-cost housing complexes for the poor segment who live in slums in unsafe homes, and one or more of which collapse when the rain falls in intensity.
These complexes, I mean the low cost, are the responsibility of government agencies.
And I return to investing in residential projects, which provides the investor with plots of land, tax exemptions, and other privileges, while, as I mentioned, the housing problem has continued with the continuation of slums and the conversion of home gardens into small housing units that are barely sufficient for a family of husband and wife, and not for a family with more than one child?
In fact, the dismemberment of houses led to the transformation of upscale residential neighborhoods into semi-popular neighborhoods.
We previously published a file on this issue in the Iraqi Network magazine, noting that the file is not a defense of class but rather of the city’s aesthetics. There are upscale neighborhoods that have been turned into tourist sites in many countries of the world, and instead of turning them into semi-popular ones due to the availability of services and infrastructure there, We must work to develop popular areas, deliver municipal services to them, and improve their infrastructure.
Despite the note, there are those who leveled the classist accusation against the file! Yes, there are those who are not able to read the material on the problems in depth, but rather read superficially without understanding, and imagine the decision that comes from such reading? In any case, there are those who are thinking about the city of (Ali Al-Wardi) and how it will be a step in solving the housing crisis? Is it similar to other investment complexes? I do not know why I remembered the news that many newspapers published before 2021 about an integrated residential investment project in which “from the needle to the missile,” as the saying goes, since there was, as the advertisement said, an airport as well.. And I remembered the news that began like this, “at an altitude of 1,250 meters.” And higher than the Burj Khalifa and Shanghai.. Iraq is planning to build (the burning towers) in Baghdad, which would have provided 100,000 job opportunities! I wonder where the public sector investments are, which aim to support and develop the national economy.
In many countries, for example but not limited to, retirement bodies carry out many investment projects and contribute to solving the housing crisis in addition to their contribution as a source of national income. Where does the Iraqi National Retirement Authority invest in such projects? Just a question.