Business | Property
Kurdistan's real estate sector worth nearly $10b
The current real estate industry in Kurdistan is worth around $10 billion, according to Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government of Iraq (KRG).
- By Suzanne Fenton, Staff Reporter
- Published: 00:08 June 5, 2008
Dubai: The current real estate industry in Kurdistan is worth around $10 billion, according to Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government of Iraq (KRG).
Speaking to Gulf News just after the launch of KRG's development plans with Dubai developer Damac to develop a Dh55 billion master development in Erbil, the capital of Kurdistan, Barzani said that all investment for the Tarin Hills project is coming from the region.
"Everything is being invested by Kurdistan and last year we had a new investment group that encourages investors to invest in our region," Barzani said.
Today, there are about 40,000 housing units under construction, in conjunction with Italian, German and American companies, according to Herish Muharram, chairman of the Kurdistan investment board.
Turkish partners
However, the majority of investors and trade partners in Kurdistan are Turkish, Barzani said.
He said Kurdistan is trying to "encourage investment from the private sector to encourage a free market economy" and that the rules and regulations will be the same for Iraqis and foreigners alike.
On arrival in Kurdistan, visitors are given a 10-day visa, which is extendable. One incentive for property buyers is that although they are not granted residency visas, they can stay for as long they wish.
"If you want to stay for six months or one year or however long, they will give you the extension. It's very easy for all nationalities. We don't have any sensitivities in that way," said Barzani.
There are still some disputed areas in Kurdistan but Barzani estimated the land area to be around 85,000 square kilometres.
With Kurdistan being an emerging player in the real estate field, the region needs major work in infrastructure development.
"We have a plan to solve the infrastructure problems in our region. Our region is open for investors as a gateway for Iraq," Barzani said.
Other incentives in place for investors include tax exemptions, repatriation of funds and freehold ownership.
Iraqi Kurdistan is the only region that is officially recognised internationally as an autonomous federal region.
It has an estimated population of 25 million to 30 million.
If you want to stay for six months or one year or however long, they will give you the extension. It's very easy for all nationalities."
Nechirvan Barzani
Prime Minister of the Kurdistan Regional Government of Iraq
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