Iraqi lawmaker seeks investigation into ‘exorbitant’ prices at new housing projects

BAGHDAD — Iraqi lawmaker Sozan Mansour, a member of the Parliamentary Investment Committee, discussed issues related to the National Investment Commission in a recent interview with Iraq 24.

Below are key excerpts from her interview:

On accountability and transparency

The National Investment Commission refuses to answer the questions we direct as members of parliament, insisting that any inquiry must be in a letter addressed in the name of the Parliamentary Investment Committee, despite our right as MPs to question state institutions. This is considered an evasion of accountability.

On investigating housing prices

We are working to collect signatures within the parliament to open several files related to the work of the Investment Commission, the most important of which is the rise in the prices of residential units in investment complexes. These prices exceed the regulations specified in the terms of granting investment licenses and do not adhere to the submitted feasibility studies, with investor profits sometimes reaching 350%.

Personal experience with housing costs

I have personal experience in purchasing a residential unit, for which I had to take out a loan from a government bank. Despite this, I was shocked by the prices, which range between 600 and 700 million dinars per apartment. These prices are completely unreasonable, especially considering that the land is granted free of charge to the investor by the state, along with significant facilitation of investment loans, exemption from taxes on imported construction materials, and free infrastructure services.

On legal issues with investment licenses

The law does not allow for granting investment licenses for residential complexes within the city’s master plan. The Baghdad Municipality claims it cannot revoke the licenses that were issued in violation of the law under the previous mayor, even though it is able to rectify the situation for complexes where construction has not yet started.

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