Want to see real price increases in real estate? Try Baghdad where a 6,500 square foot villa sold in 2002 for $75,000 and resold this summer for over $500,000. And the market for fixer-uppers to rehab is reportedly thriving to rival any American city, but instead of water damage or fires the damage is from bullets and bomb blasts.
KRT Wire | 10/16/2005 | Baghdad real estate market is booming despite escalating violence
Consider the 6,500-square-foot villa in Jadriyah, south-central Baghdad, that sold for $75,000 during Saddam Hussein’s last year, but brought just over $500,000 this summer. It’s a market fueled by money from foreign investors, ex-pats looking to help their families, pent-up frustration at 30-year-old Baath Party laws that strictly regulated property ownership in Baghdad, and even the cash made from looting as the capital fell.
In the market, fixer-uppers - houses or business properties that have suffered extensive bomb or bullet damage - are particularly hot.
“The price is lower, of course, but the man who fixes up such a place can resell it months later for enormous profit,” Belal said.
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