Iraq: Financial allocations not enough to construct 10 residential complexes a year

the Ministry of Construction and Housing annually are enough only for 10 residential projects in the annual plan,” noting that “Iraq needs to 150-200 thousand units per year,” The deputy of the Ministry , Istabreq al-Shouk told “Shafaq News”. “Until now there are no large housing projects with the exception of Basmaya housing project, while there are small investment projects in some provinces that are not enough to the actual need to the demand of the residential units”. “According to the estimates approved by the National Council for Housing, Iraq needs two million housing units until 2016,” he added. Iraq suffers from a severe housing crisis that caused great height in prices of housing units in all the provinces despite the government's efforts to grant privileges to encourage foreign companies to build condominiums.