High price bring demand down

Real estate market slows down in Baghdad’s Yarmouk

BAGHDAD, October 25 — The real estate market in Baghdad’s Yarmouk district has experienced noticeable stagnation for residential and commercial properties since the beginning of this year.

Yarmouk is strategically located in Baghdad, connecting various neighborhoods through its Four Streets junction, which connects Al-Nasr Square, Al-Amel neighborhood, Al-Dora, Al-Mansour, Al-Dawoodi, and the University neighborhood.

Locals say the primary reason for the slowdown has been the doubling of property prices in the area.

Abu Ahmad, a property owner in the Yarmouk area, stated, “Property prices have become exorbitant in the area, with the peak of real estate sales occurring in 2021 and 2022. I listed my house for sale at the beginning of 2023, but I haven’t found a buyer yet due to the soaring prices.”

“I don’t intend to sell it for less than the price of nearby homes, as their owners have sold at exorbitant prices, which started to rise since 2022,” he added.

Adi Al-Jubouri, a real estate consultant at Azat Karim Company, explained, “The reason for the rising property prices in the Yarmouk area is the purchasing power in the previous two years, along with the commercial significance of the Four Streets area, the continuity of electricity, and modern construction.”

“In 2020, the price per square meter for residential properties in the Yarmouk area ranged from $2,000 to $3,000. However, after 2020, the price doubled, with the current price per square meter reaching approximately $5,000,” Al-Jubouri said.

He continued, “Commercial properties were valued at $8,000 to $9,000 per square meter until 2020. But in 2021 and 2022, the price per square meter on the Four Streets reached $15,000 for larger plots, typically 800 square meters or more.