Iraq's housing market ballooned by 5.6%, or $20 billion, credited largely to the revival of the $10 billion Rashid City housing project in Baghdad by the National Investment Commission.
The country also announced seven additional housing projects valued at $12.5 billion, with the biggest ones planned for Najaf and Wasit governorates at $5.5 billion and $4 billion, respectively.
Iraq faces a critical housing shortage due to its population boom and the financial constraints of low-income citizens struggling with high land and construction material costs. The Ministry of Construction and Housing estimates Iraq needs more than three million housing units to bridge the gap.
