New complexe in a Baghdad neighborhood drives up cost of nearby homes

Baghdad, 30 December– In the district of Hay Al-Hussein, west of Baghdad, the real estate landscape is seeing a new wave of change impacting property prices in the surrounding neighborhoods.

The rising cost of housing units in these modern complexes, offering a blend of contemporary living and enhanced amenities. While these complexes are setting new standards in urban housing in the area, they are causing a rise in property prices. Apartments with an area of 200 square meters are being sold at prices ranging from $1,250 to $1,350 per square meter, pushing the cost of a single apartment to as high as $270,000 or more.

This surge in prices within the complexes is having a ripple effect on the neighboring areas. Homes in nearby residential complexes are now fetching prices as high as 600 million Iraqi dinars for a 270 square meter property. This escalation is not just confined to new developments; it’s inflating the cost of existing properties in Hay Al-Hussein and adjacent districts, sparking concern among potential homebuyers.

Mohammed Al-Kinani, a local real estate trader, expressed his concerns to 964media, noting that the inflated prices of these new complexes are driving up the cost of surrounding homes. “We’re heading towards a situation where finding a reasonably priced meter square in Baghdad is becoming increasingly challenging,” he said.

This sentiment is echoed by Abu Mushtaq, a resident of Hay Al-Hussein, who lamented the unaffordability of these new homes for the average citizen. “Owning a house is now a far-fetched dream for the poor. These complexes cater to the wealthy, given their high prices,” he told 964media.