31 January 2008

Upheaval in Baghdad's housing market

While prices of properties in London may be dependent on how close the decent school is to your house at some other places in the planet people buy houses in areas where it is less likely to get bombardized for the next few years. Likewise, the Baghdad housing market is facing such situation as some stability starts emerging from the rubble.

In particular, whereas last year house prices dropped onto the floor due to increase of bombings and kidnappings, this year prices at the same areas are out of their reach. What caused though this abrupt rise in prices is the decrease in the capital's violence that make Iraqis return home and looking for a place to live.

People who got back to their neighbourhoods got surprised realizing that the houses which had sold one year ago at bargain prices are now being sold doubled priced. Jassem is one such unfortunate who sold his five bed house for $75,000 in 2005 and coming back now to find the same place priced at $165,000.

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