Not everyone can afford

Exclusive residential complexes under construction in Baghdad’s green zone

GREEN ZONE, BAGHDAD, 12 January — In the heart of Baghdad’s Green Zone, two luxury housing complexes, “Baghdad Residencies” and “Crane City,” are under construction. These vertical construction projects are notable for their high prices and cash-only payment system, making them inaccessible to the general population.

Details of the Developments:

“Baghdad Residencies” is located on Al-Kindi Street within the Green Zone, while “Crane City” is situated along the Al-Qadisiyah expressway. “Baghdad Residencies” is already inhabited, whereas “Crane City” is still under construction, with prices for its residential units yet to be determined.

A price tag not for the faint-hearted:

A sales employee of “Baghdad Residencies” detailed the complex’s amenities to 964media: “The complex includes gardens, parks, playgrounds, lakes, and a large central parking area beneath the complex’s administration and additional parking in front of each building. Residents receive a Green Zone entry permit (colored badges based on the number of individuals). The complex enjoys uninterrupted electricity, internal security systems, and monitoring by special forces in the Green Zone. There is no installment system for purchases, and the complex is not covered by housing loans. The average price per square meter is $2,000, varying depending on the location and view of the apartment. Currently, 65% of the complex is inhabited, with 35% of apartments unoccupied, and a 90% completion rate. The delivery time for unfinished apartments does not exceed six months.”

Real estate for today’s real elite:

Ali Jafar, a real estate expert, commented on the exclusivity of these complexes: “The nature of the prices makes these residences suitable only for the elite with high incomes or substantial financial resources. An average citizen cannot afford a residential unit exceeding $500,000 with direct cash payment. Some have managed to buy units due to their decision to live within the Green Zone. Generally, not everyone is encouraged to buy and relocate to the Green Zone. A portion of the buyers are investors purchasing multiple units for investment purposes, either to sell later at a higher price or rent them out annually at a high rate to companies, foreigners, or senior employees who desire to reside in a complex within the Green Zone.”