House prices surge in Baghdad

[charrison]

linkage

Baghdad, Iraq Press, August 5, 2003 - Expectations of a confident market and influx of foreign investors is forcing Baghdad house prices skywards.

The price boom has prompted locals to either sell or rent their property.

However demand is so high that prices and rents keep surging despite lack of security and uncertainty surrounding the political scene in the country.

Amanat al-Asima, or Baghdad municipality - the body in charge of property and real estate - says it can do nothing to stem what it describes as "an unprecedented hike."

 

[LunarRay]

I guess the Iraqi needs a good stock broker to invest those funds they'll get from the sale of their homes. I don't expect it costs too much to erect a tent on the outskirts of Baghdad and collect Oil Security Checks... Good for them.. How do they determine who get what amount of oil $ once the oil starts to flow? Hope it's not based on some home ownership scenario.

 

[zephyrprime]

The iraqi stock market also shot up before the war in anticiption of a successful outcome.

 

[Hayabusa Rider]

I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

 

[Bowfinger]

Not surprising. There are what, a couple dozen houses still standing in Baghdad? Simple supply and demand.

 

[xxxxxJohnGaltxxxxx]

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

I disagree; private property is a driving force behind democracy. Given that prices are exacerbated upward, there clearly is a newfound demand for private propetry...read the Federalist papers to get a nice perspective on the importance of this.

 

[charrison]

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

It is hard to say if this is bad news. It definatly shows that people want to stay in Bahgdad, even with the problems that exist. That by itself is good news.

 

[LunarRay]

I wonder how an Iraqi may have become rich enough to purchase property in downtown Baghdad. Must have been in good stead with the former power source don't ya think. So now they see the Capitalistic goings on and know that the real $ is in real estate. But!!! The class that suffers when prices shoot up quickly is the lower half of the economic scale.

 

[Hayabusa Rider]

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

I disagree; private property is a driving force behind democracy. Given that prices are exacerbated upward, there clearly is a newfound demand for private propetry...read the Federalist papers to get a nice perspective on the importance of this.

You now make 10,000 dollars a year. Your home which was 20,000 dollars is now 100,000 dollars and your income has not gone up. You can move laterally, but you cannot cash out because you need a home to live in. Now a youth making perhaps less goes out on his own and has to buy a home costing 10 to 20 years salary. How is this beneficial? Real estate where I live has quadrupled in the last several years, forcing those purchasing a home for the first time, or moving into the area to incur massive debt. We are losing police and other vital services, because they cannot afford the market. This is not good.

 

[charrison]

Originally posted by: WinstonSmith

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

I disagree; private property is a driving force behind democracy. Given that prices are exacerbated upward, there clearly is a newfound demand for private propetry...read the Federalist papers to get a nice perspective on the importance of this.

You now make 10,000 dollars a year. Your home which was 20,000 dollars is now 100,000 dollars and your income has not gone up. You can move laterally, but you cannot cash out because you need a home to live in. Now a youth making perhaps less goes out on his own and has to buy a home costing 10 to 20 years salary. How is this beneficial? Real estate where I live has quadrupled in the last several years, forcing those purchasing a home for the first time, or moving into the area to incur massive debt. We are losing police and other vital services, because they cannot afford the market. This is not good.

You lose those vital services, people will move and real estate prices will come down. And yes you can sell and move.

 

[Hayabusa Rider]

Originally posted by: charrison

Originally posted by: WinstonSmith

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

I disagree; private property is a driving force behind democracy. Given that prices are exacerbated upward, there clearly is a newfound demand for private propetry...read the Federalist papers to get a nice perspective on the importance of this.

You now make 10,000 dollars a year. Your home which was 20,000 dollars is now 100,000 dollars and your income has not gone up. You can move laterally, but you cannot cash out because you need a home to live in. Now a youth making perhaps less goes out on his own and has to buy a home costing 10 to 20 years salary. How is this beneficial? Real estate where I live has quadrupled in the last several years, forcing those purchasing a home for the first time, or moving into the area to incur massive debt. We are losing police and other vital services, because they cannot afford the market. This is not good.

You lose those vital services, people will move and real estate prices will come down. And yes you can sell and move.

So crime increasing, and a substantial increased risk of fire damage, forcing people to leave their homes, and people who cannot move due to job situations winding up with huge negative equaties is a good thing? I am most certainly missing something.

 

[charrison]

Originally posted by: WinstonSmith

Originally posted by: charrison

Originally posted by: WinstonSmith

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: WinstonSmith
I hope people realize that real estate prices going through the roof is bad for the average Iraqi. This is NOT good news.

I disagree; private property is a driving force behind democracy. Given that prices are exacerbated upward, there clearly is a newfound demand for private propetry...read the Federalist papers to get a nice perspective on the importance of this.

You now make 10,000 dollars a year. Your home which was 20,000 dollars is now 100,000 dollars and your income has not gone up. You can move laterally, but you cannot cash out because you need a home to live in. Now a youth making perhaps less goes out on his own and has to buy a home costing 10 to 20 years salary. How is this beneficial? Real estate where I live has quadrupled in the last several years, forcing those purchasing a home for the first time, or moving into the area to incur massive debt. We are losing police and other vital services, because they cannot afford the market. This is not good.

You lose those vital services, people will move and real estate prices will come down. And yes you can sell and move.

So crime increasing, and a substantial increased risk of fire damage, forcing people to leave their homes, and people who cannot move due to job situations winding up with huge negative equaties is a good thing? I am most certainly missing something.

How can they have negative equaties when property values have quadrupled in the past few years?

 

[Hayabusa Rider]

If people providing services leave the area, crime increased and such causes people to leave and property values decline, someone who bought into a typical half million dollar home here is in serious trouble.

 

[xxxxxJohnGaltxxxxx]

I refuse to argue about this with people who have had as much economics as I have had classes in aquatic dancing. I'll bow out and let the hacks tell us how the world works because he saw the price of his trailer lot increase fourfold (for $1,000 to $4,000).

 

[charrison]

Originally posted by: WinstonSmith
If people providing services leave the area, crime increased and such causes people to leave and property values decline, someone who bought into a typical half million dollar home here is in serious trouble.

People that buy at the peak always get screwed. With any investment/purchase there is risk.

This is nothing new or surprising.

 

[Hayabusa Rider]

Originally posted by: xxxxxJohnGaltxxxxx
I refuse to argue about this with people who have had as much economics as I have had classes in aquatic dancing. I'll bow out and let the hacks tell us how the world works because he saw the price of his trailer lot increase fourfold (for $1,000 to $4,000).

Yeah, sorry for all us ignorant folk some of which are having trouble paying for all this good fortune. Not too many half million dollar trailers around here though, but I'll be sure to remind the cop down the street who is having trouble paying the taxes on his home due to his fine luck.

 

[charrison]

Originally posted by: WinstonSmith

Originally posted by: xxxxxJohnGaltxxxxx
I refuse to argue about this with people who have had as much economics as I have had classes in aquatic dancing. I'll bow out and let the hacks tell us how the world works because he saw the price of his trailer lot increase fourfold (for $1,000 to $4,000).

Yeah, sorry for all us ignorant folk some of which are having trouble paying for all this good fortune. Not too many half million dollar trailers around here though, but I'll be sure to remind the cop down the street who is having trouble paying the taxes on his home due to his fine luck.

Time for him to sell and get into a place he can afford. However it does suck when goverment property taxes run people out of their home.

 

[xxxxxJohnGaltxxxxx]

Originally posted by: charrison

Time for him to sell and get into a place he can afford. However it does suck when goverment property taxes run people out of their home.

Given that property values have increased fourfold, as our honorable friend asserted, this 'cop' should have no problems selling his house at a substantial gain...but then there would be no more cops in this guy's neighborhood, so he is right; property values increasing is, in fact, ruining his community I guess the only answer is this: Move to the ghettos, where property values are low, and you will have more cops patrolling the streets because houses are cheaper



...love internet logic.