Today we would like to welcome Erbil, Iraq to listaproperty.com. We have our first listings in Erbil, Iraq and this officially makes 11 countries that we have real estate listings in. We truly are the first regional real estate site in the Middle East.
Erbil, Iraq is very interesting to us and this blog writer is seriously considering buying property in Erbil. Why? Well for one, Erbil has been named 2014 Arab Tourism capital. In order to win this title, authorities had to present 40 different activities to be held over the next year. These activities include: a marathon, a beauty contest and an international marathon.
To many Erbil seems like odd place to plan a holiday, if not a somewhat dangerous place. A new civil war might be on the verge of erupting to the South. Kirkuk remains a rough place and refugees continue to flood in from Syria. That said, autonomous Erbil enjoys calm, tranquility and security.
Erbil is home to a large and growing expat community. The ancient walled citadel is being restored, tourist resorts have and are still being built, and an international film festival is slated for 2014. According to the Kurdistan Regional Government website, “a projected 3 million tourists will come to Erbil by 2014.”
This influx of tourists will no doubt benefit the local real estate market which according to Rapti Gupta at realtytoday.com. “ has seen property prices rise tenfold since 2003.” This property boom has also seen financial institutions and branches setting up shop in Erbil. Realtytoday.com also reports, “ 521 new projects worth $24 billion, funded by foreign and local investors have taken off in the area of Erbil, Dohuk and Sulaymaniyah.”
While there is a never a guarantee with real estate investment, Erbil, Iraq is an interesting market to watch and to research. Again, we are happy to have our first listings from Erbil on our site.