Fresh Avenues For Rejuvenation
The real estate business in any country is inextricably linked to the health of its economy as well as the security situation that prevails there. You cannot do business when bullets are flying around and people are bong blown up by car bombs. The past two or three years, when investing in real estate in Iraq was difficult not impossible, were fraught with security threats and daily struggles for life. Thankfully, it seems that Iraq has seen the back of those deadly days. There are signs of recovery and rejuvenation that will give hope and faith to all who wish the best for Iraq, the country of ancient Mesopotamia. If you want to invest in real estate in Iraq, now may be one of the best times to do so.
There are many ways in which the Iraqi economy can be boosted and indeed brought back on track. This will have many spin off benefits on all aspects of life including real estate business in Iraq. For one, the Iraqi economy is greatly dependent on oil for its sustenance and development. But what happens is that there is no transparency in the oil deals between oil companies and government officials because of which the benefits of oil sale do not reach the poorest of the poor or the common man. This leads to loss and leakages and swelling of Swiss bank accounts. The first strategy to restore the economy of Iraq would be to ensure greater accountability and transparency in oil deals so that the trickle down may happen. This will greatly boost the economy and also make investing in real estate in Iraq easier.
Another creative measure is to create oil trusts from the proceeds of oil sales. These oil trusts would be used for the development of Iraq in a very egalitarian and developmental manner so that the benefits would accrue to the poorest of Iraqis. This would help life the struggling Iraqi from the economic dumps and give them the scope also to invest in real estate in Iraq.
Another measure to boost the Iraq economy is to encourage micro-credit which has had great success in poor countries like Bangladesh. The Iraqi people are industrious and enterprising and yet they lack capital. Giving them micro-credit could really jump-start their small businesses and make the economic recovery quite broad-based. The benefits of micro-credit will also accrue to the real estate business as people will have greater spending power to give shape to their housing dreams and aspirations. Investing in real estate in Iraq is a factor of the economic revival of the country and this is possible if people prosper and give wings to their ingenuity and creativity.
Democracy through development is one measure that holds great promise for Iraqis. People would decide, at the community or village level by vote as to what projects they need and would spend on, in their area. This is a great way of moving away from autocracy and bureaucracy to a democracy that works at the grassroots level. This will also help the cause of investing in real estate in Iraq.
