10/06/2009 05:45 PM | Staff Report
Dubai: Iraq is becoming the new emerging real estate investment market of the Middle East, led by a groundbreaking residential project in the northern Kurdish region, according to a development company about to start work there.
New Zealand's Atconz Real Estate Development, is building a 1,565-unit residential compound in a suburb of Erbil, capital of the Kurdish region. Called New Azadi, the project has a budget of $100 million and is licensed by the Kurdish regional government.
The 750,000 square metre New Azadi project will consist of 810 two-bedroom houses, 700 four-bedroom houses, 55 five-bedroom houses, four schools, a hotel, supermarket, plantation, commercial and community services and parks.
Atconz CEO Dean Michael, said: "We believe in partnership with the government authorities, who have identified the need for 1.5 million new residential units across the country. Our current project represents only about one per cent of that, but we hope it will encourage more investors to engage in this market."