Amid a persistent housing shortage, a steady population growth, dilapidation of existing dwellings and political turmoil, Iraq needs to revive its neglected property development sector. Securing adequate housing will be the biggest challenge facing Iraq in the next years. According to MEED, the current shortage is estimated from 2 to 3.5 million homes and it is growing. The senior vice-presidential at US-based Hill International, Akram Ogaily stated that last year only 5% of the required was accomplished while demand increased by more than 5%. The firm had won a contract to construct 100,000 new housing units in 2011.
The National Housing Plan was launched in 2010 and had planned ambitious housing targets to build new units. Due to underdeveloped construction sector and the absence of large-scale developers, international companies can take advantage of this opportunity.
The security situation is the biggest problem facing the housing program; violence and instability are causing the projects to be delayed and driving away the investors.