Rush to reserve homes in Najaf amidst speculation concerns

NAJAF — Early Saturday, dozens of Najaf residents formed long lines outside the marketing office of the new Al-Amirat Third Compound project on Zahoor Street, eager to reserve residential units before local real estate speculators, known as “agents,” could acquire them for resale at higher prices.

The office opened its doors at 9:30 a.m., leading to a surge of individuals trying to secure a unit before they sold out. The overwhelming turnout prompted management to call the police, who arrived to manage the crowd.

Situated in the Bahar Al-Najaf area behind the Technical Institute, the compound features homes of various sizes — 200, 250, and 300 square meters — all designed with two stories. The initial payment for these homes starts at 30 million dinars, followed by monthly installments.

The pricing is as follows: 300 square meters for 300 million dinars, 200 square meters for 175 million dinars, and 250 square meters for 250 million dinars.

A security source told 964media that they were alerted for intervention following reports of significant overcrowding at a marketing center associated with the compound on its opening day.

Mohsen Al-Talqani, a local resident, told 964media, “I arrived at 4 a.m. to reserve a unit, but couldn’t even reach the marketing center due to the congestion.

Estate agents are known to reserve in bulk units of new development, only to resell them at inflated cost later.