Erbil: The Ideal Platform for High-Quality Business-to-Business Opportunities
Erbil represents the center of business and attraction for entire Iraq, the optimal gateway to doing business not only with the local Iraqi market, but also with the surrounding region. The city is poised for significant growth and development, making it an attractive destination for foreign investment.
Economic incentives for foreign investment are also key factors in this growing economy. In 2006, the Kurdistan National Assembly (KNA) passed an Investment Law which offers generous incentives to foreign investors, including:
- The right of full property ownership
- Tax and customs duty exemptions
- Profit repatriation and partnership
The Iraqi government plans to increase the Housing Fund’s capital to $1 billion in 2013, as well as create approximately 3 million housing units over the next five years to attract regional and international real estate investors. In addition, it has exempted its citizens from paying interest on real estate loans.
In 2011, Iraqi investors led the foreign investments in Jordan’s real estate market at $355 million, and purchased $128 million worth of real estate properties in Dubai during the first half of 2012. These numbers demonstrate the growing interest and potential of the Iraqi market for real estate investment.
In times of significant market growth, clever investors rush to seize the first glimpse of opportunity. The Invest Expo Real Estate & Investment Exhibition is the first and only event of its kind to take place in the city of Erbil addressing the real estate and investment and construction sector. The event will provide a platform for:
- Meeting fellow professionals, affluent buyers, and private and corporate investors in Iraq’s booming real estate market
- Exploring entry mechanisms and opportunities for foreign investments in Erbil
- Learning about Erbil’s development plans aimed at making it the “New Dubai”
- Hearing about successful foreign investment stories
The Invest Expo will also be a key meeting point for leaders, officials, decision-makers, and major investors and contractors from Iraq, the region, and the rest of the world to network and explore potential opportunities in the real estate, investment, and construction sector of Iraq.
Market Info:
- The Iraq is a Booming Market for Real Estate Investors
- Housing and property prices have increased almost 75 times more than their value 10 years ago
- Around 150,000 housing units have been built by investors over the past ten years in the Kurdistan Region
- Since 2006, $25 billion has been invested in Kurdistan; $15 billion of which was assigned to the housing sector
- The Kurdistan Regional Government (KRG) has initiated a campaign to build 9,000 low-cost homes that will be available free of interest
Who is Already Investing?
- According to the Ministry of Municipalities, huge corporations from various countries have allocated large funds for purchasing real estate properties in Kurdistan, including the USA, Turkey, Iran, Canada, Saudi Arabia, Kuwait, the UAE, the UK, France, and China.
“We are building our share of housing units, but whatever we build from our budget is not enough to meet our housing needs. We are signing agreements with private investors to develop housing in Iraq. A joint venture between the government and the private sector is a must.”
Erbil is the Most Desirable City for Foreign Investment Erbil has enjoyed unprecedented development since 2003 and moved forward with the international community to explore a wide range of economic activity, reserving a lynchpin role for foreign investors, multinational companies, and public-private partnerships. Analysis is key to any investment strategy and this all-source compilation of data on Erbil region provides necessary indicators to perform due diligence.
