June 12 (Bloomberg) -- Iraq’s Kurdistan region needs to spend 200 billion dinars ($172 million) a year on homebuilding to resolve a residential shortage over the next decade, according to an adviser to the housing ministry.
“We are capable of resolving the housing crisis in the coming 10 years through building 5,000 units a year,” Ammar al-Najjar said in an interview with Bloomberg today. “We’ll need 200 billion dinars a year to implement this plan.”
The ministry of housing and reconstruction is in the process of awarding contracts with a value of 250 billion dinars, al-Najjar said on the sidelines of an economic conference in Erbil, northern Kurdistan. Construction is expected to begin by the end of this year. The ministry awarded contracts for 1,500 homes with a value of 50 billion dinars last year, he said.
Najjar said the Kurdish regional government has resolved 60 percent of the region’s housing needs.