Iraq: This Seems To Bode Very Good News!

Annie · Apr 16, 2005

http://story.news.yahoo.com/news?tm...today/housingpricessoaringinpostsaddambaghdad

Housing prices soaring in post-Saddam Baghdad

Fri Apr 15, 6:34 AM ET Top Stories - USATODAY.com

By Jim Michaels, USA TODAY

There's no telling how much Saddam Hussein's palaces would be worth had he held on to them.

Residential real estate prices in Iraq's capital have quadrupled in many parts of the city, says Ali al-Difaie, 54, the manager of a government office that processes property deeds. Al-Difaie and real estate agents say the rise is driven by an increase in income since the U.S.-led invasion two years ago and the liberalization of building and property laws.

"A friend from London came to me to complain about the prices," says Haider al-Rubie, 32, a Baghdad real estate agent. "This is crazy."

Statistics are hard to come by, but al-Difaie says an average 3,000-square-foot home in Baghdad's upscale Mansour district sells for $300,000 now. That is four times the Saddam-era prices. Prices are similar in other middle-class neighborhoods around the capital, al-Difaie says.

Prices first increased immediately after the fall of Saddam, when speculators snapped up homes anticipating the return of exiles, says Abdul Karim, another Baghdad real estate agent. Cash was plentiful then, although some of it was looted rather than earned. But when violence and crime increased, prices dropped and few homes changed hands.

Elections and the creation of a new Iraqi interim government appear to have stabilized the market and sent prices higher. Property has started to change hands. The economy is picking up. Exiles are coming back.

Workers troop in and out of al-Difaie's office with stacks of home-sale documents to sign. "Iraq is a rich country," he says, looking up from a pile of paper on his desk. Bank loans are becoming available, but at least half the buyers use cash, he says.

The government also has lifted some Saddam-era restrictions that made transactions and building difficult.Homes in Baghdad were limited to two stories; now the limit is three. The government also has canceled a requirement that security officials approve a sale and another that required owners to turn over deeds to their property if they left the country for a long time.

More reforms are on the way, al-Difaie says.

"We want to make it easier."
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Annie · Apr 16, 2005

Sir Evil said:

They should turn Saddams palaces into hotels for both attraction and tourists!
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One might think a theme park, but too many bad memories of horrors to too many.

NATO AIR · Apr 16, 2005

Kathianne said:

One might think a theme park, but too many bad memories of horrors to too many.
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Take a few of them and let the public pay money to destroy a part of it. It mocks the power of Saddam and his henchmen, gives some people an avenue to express their pain and anger and raises some money for charity.

Not perfect, but yea the hotels thing might be better.

Annie · Apr 16, 2005

Sir Evil said:

Maybe convert them to public restrooms, Would be cool to take a leak on Saddams palace!
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OT That avatar! Sheesh!

Back on topic, perhaps the headquarters of the new government. I know the US took over one as their embassy or something...

Bonnie · Apr 16, 2005

Kathianne said:

One might think a theme park, but too many bad memories of horrors to too many.
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LOL you really have a dark side there Kathianne :eek2:
Kidding of course !

Torture World anyone ??:shocked:

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