Currency fluctuations spell trouble for buyers

KRG contemplates shift to dinar payments for investors

ERBIL, December 21 — The Kurdistan Region’s Board of Investment is considering a shift that would require all real estate developers to receive installments in dinars rather than U.S. dollars.

Mohammed Shukri, the chairman of the board, addressed concerns in a press conference on Thursday, pointing out that currency fluctuations between the dollar and dinar have posed challenges for real estate buyers in meeting their installment payments.

While underscoring that the Kurdistan Regional Government (KRG) has yet to finalize a decision mandating dinar payments, Shukri acknowledged that some investors have independently opted to adjust their installments due to currency variations.

Shukri expressed, “We will enter into discussions with Iraq on this matter in the new year, with all pricing denominated in dinars.”

The chairman further highlighted that the dollar’s value has surged by approximately 20 percent against the dinar, impacting citizens who acquired housing units through installment plans.