Residential Real Estate - Iraq | Statista Market Forecast

The Residential Real Estate market market in Iraq is anticipated to reach a staggering value of US$881.80bn by the year 2024.
It is predicted that this market will experience an annual growth rate (CAGR 2024-2029) of 4.47%, ultimately leading to a market volume of US$1.10tn by 2029.
In terms of global comparison, China is expected to generate the highest value in the Real Estate sector, reaching a remarkable US$112.9tn in 2024.
The residential real estate market in Iraq is experiencing an upswing due to increased stability and foreign investment.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Iraq has been experiencing significant development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this growth. Customer preferences in the Iraqi Residential Real Estate market have shifted towards modern amenities and high-quality construction. Customers are increasingly looking for properties that offer a range of amenities such as swimming pools, gyms, and green spaces. Additionally, there is a growing demand for properties with advanced security systems to ensure the safety of residents. These preferences reflect a desire for a higher standard of living and a focus on comfort and convenience. Trends in the market indicate a shift towards vertical living. With limited land availability in urban areas, developers are constructing taller buildings to accommodate the growing population. This trend is particularly evident in major cities such as Baghdad and Erbil. The construction of high-rise residential buildings allows for more efficient use of space and offers a solution to the land scarcity challenge. Additionally, these vertical developments often include mixed-use components, integrating residential, commercial, and recreational spaces within the same building complex. Local special circumstances in Iraq, such as ongoing urbanization and population growth, have contributed to the development of the Residential Real Estate market. The country's population has been steadily increasing, leading to a greater demand for housing. Additionally, rapid urbanization has resulted in the expansion of cities and the need for new residential developments. These circumstances have created opportunities for real estate developers to meet the growing demand for housing. Underlying macroeconomic factors have also played a role in the development of the Residential Real Estate market in Iraq. Economic stability and increased foreign investment have boosted the construction sector. The government has implemented policies to attract foreign investment and promote economic growth, which has had a positive impact on the real estate market. Additionally, low interest rates and favorable mortgage options have made it easier for individuals to purchase residential properties, further driving demand. In conclusion, the Residential Real Estate market in Iraq has seen significant development due to customer preferences for modern amenities, the trend towards vertical living, local special circumstances such as urbanization and population growth, and underlying macroeconomic factors such as economic stability and increased foreign investment. These factors have created a favorable environment for the growth of the market and have attracted both local and foreign investors to the Iraqi real estate sector.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Iraq

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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