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Dubai
, UAE - October 5, 2009:
Iraq is becoming the new emerging real estate investment market of the Middle East, led by a groundbreaking residential project in the northern Kurdish region, according to a development company about to start work there.
New Zealand company Atconz Real Estate Development, is building a 1565 unit residential compound in a suburb of Erbil, capital of the Kurdish region. Called New Azadi and near Ankawa, the project has a budget of US$100 million and is licensed by the Kurdish regional government.
Atconz, which is exhibiting at Cityscape Dubai (stand number 7E45) to promote the project and seek partners for further development throughout Iraq, is expected to begin construction by the end of year and complete in three years.
“We are taking part in Cityscape to deliver a message to investors of the important potential of this new emerging market and to network with financial institutions interested in the market,” said Atconz CEO Dean Michael.
“We believe in partnership with the government investment authorities in Iraq who have identified the need for 1.5 million new residential units across the country. Our current project represents only about 1% of that potential but we hope it will encourage more investors to engage in this market.”
There are fewer concerns about security in northern Iraq, Michael added. “Security in the Kurdish region is safe compared with that of south of Iraq,” he said. “In addition, the local people are welcoming all visitors investing money or bringing technology to the area.”
The 750,000 square metre New Azadi project will consist of 810 two bedroom houses, 700 four bedroom houses, 55 five bedroom houses, four schools, an hotel, a supermarket, plantation, commercial and community services and parks.
For further information, please visit the Atconz Real Estate Development stand - 7E45 – at Cityscape Dubai 2009.
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