Corrupt Money Is Raiding Baghdad's Real Estate... Prices Are Astronomical, Higher Than London Areas, And Citizens' Suffering Is Increasing, 25 JAN

 Corrupt Money Is Raiding Baghdad's Real Estate... Prices Are Astronomical, Higher Than London Areas, And Citizens' Suffering Is Increasing

Posted On 01-24-2024 By Sotaliraq  Baghdad/ Haider Hisham  Real estate prices in the Iraqi capital, Baghdad, have witnessed a noticeable rise in recent years. This rise has made it difficult for many Iraqis to obtain suitable housing, especially those with limited income.

A real estate investment company revealed shocking statistics about real estate prices in some areas of the capital, Baghdad. In the Yarmouk area, they ranged between $4,000 and $20,000 per meter. As for the Al-Harithiya area, real estate prices ranged between $3,500 and $14,000 per meter, while the Prices in the rest of the capital’s areas range from $3,000 to $20,000.

Member of the Parliamentary Services and Reconstruction Committee, Mahma Khalil, identified a number of reasons behind the rise in real estate prices in the capital, Baghdad, while explaining the relationship of “money laundering” to the real estate file.

Khalil said, in an interview with (Al-Mada), that “the rise in real estate prices in the capital, Baghdad, is due to several real reasons, which in one way or another cause the phenomenon to worsen,” indicating that “the first reason is the failure of the Iraqi governments to distribute lands within the borders of the capital’s municipality for many years.” “.

He points out, “The second reason revolves around the increase in the number of people in the capital, in addition to the absence of future government visions regarding the residential buildings sector, and the development of investment plans to accommodate the increase in population numbers.”

During his talk about the “theft of the century,” Prime Minister Muhammad Shiaa al-Sudani revealed that a large portion of the stolen tax money was used to “purchase important real estate in important areas in Baghdad.”

Regarding the relationship of “corrupt money” to the rising crisis, a member of the Services Committee explains, “There are huge amounts of money that have entered the real estate market, and have been invested in this field, by the corrupt, through (money laundering), which is one of the main reasons for the rise in real estate prices in Baghdad".

Khalil points out “the reverse population migration from the provinces to the capital, which led to an increase in the number of people,” noting that “all these factors came together and caused an increase in demand for Baghdad real estate, compared to the rest of the provinces.”

In a report published by The Century Foundation Research Center, it confirms that “more than a billion dollars of the stolen tax money, amounting to 2.5 billion, was invested in 55 properties in Baghdad, and another billion was distributed among properties, lands, and other assets.”

In turn, economic affairs expert, Ali Daadoush, explained ways to control “money laundering” operations in the real estate market, while he considered the imaginary rise in Baghdad real estate prices “a natural thing.”

Daadoush mentioned in an interview with Al Mada, “Most money laundering operations take place within the scope of the real estate market in the world because it is considered one of the easiest ways, and the same is true in Iraq.”

He notes, “The rise in real estate prices in Baghdad to very large amounts is a normal condition,” stressing that “money laundering is the main reason for the astronomical rise in Baghdad real estate.”

Regarding ways to control “corrupt money,” Daadoush explains that “controlling corrupt money that negatively affects the real estate market is possible through disclosing the financial assets of influential people before and after assuming government positions.”

The economic affairs researcher points out “activating the law (Where did you get this from), which will work to create a qualitative decline in the extent of financial and administrative corruption in the country.”

The head of the Federal Integrity Commission said at the end of last year that the implementation of the campaign (Where did you get this from?) on graft will not only apply to employees and officials, but will include the heads and founders of parties, governmental and non-governmental organizations, and civil society organizations.

It is noteworthy that Iraq is a country ranked 157 out of 180 in the Transparency International Organization’s corruption perceptions index, and that the issue of high real estate prices in Baghdad is linked to money laundering, according to representatives and economists.  LINK