At a Glance

• Housing developers in Slemani are cutting monthly property bills below parallel market rates to protect local homebuyers.
• Real estate investors remain entirely blocked from accessing subsidized official exchange rates from the Central Bank of Iraq.
• Approximately 70% of local projects allow buyers to pay installments at a reduced inner rate, saving families up to 100,000 dinars monthly.

Despite being unable to access official exchange rates from the Central Bank of Iraq, housing developers are discounting monthly installments below parallel market rates to assist buyers, with promises of further reductions if government support is provided.

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Key Statements and Focus Area

• Amanj Jalal, Director of Investment in Slemani, noted that 70% of projects offer a promotion where they accept 100 USD at a rate of 135,000 to 145,000 Iraqi dinars (IQD) from buyers for monthly installments. 
• According to Jalal, due to these facilitation offers, buyers paying 500 USD monthly save between 50,000 and 100,000 dinars, meaning they are consistently charged 10,000 to 15,000 dinars less than the open market exchange rate per 100 USD.

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Investors are currently unable to obtain US dollars at the official rate of 132,000 dinars from the Central Bank, unlike poultry farm owners who receive official state support. 

If the Central Bank provides them with dollars at the official rate, investors are prepared to discount 100 USD down to 120,000 or 125,000 dinars for buyers.

Meanwhile, in response to the currency gap, the office of Kurdistan Region Deputy Prime Minister Qubad Talabani launched an initiative urging developers to accept housing unit installments at the official state exchange rate. 

The Slemani Investment Directorate labeled the move vital for protecting homebuyers from volatile parallel market fluctuations.

FYI

Currently, the official exchange rate for 100 USD is set at 132,000 dinars by the Central Bank of Iraq, but the market rate remains much higher. Because most housing projects price their monthly installments in U.S dollars, it has created a financial burden for local buyers. 

Although developers have partially lowered their inner exchange rates, the lack of Central Bank support in providing dollars directly to investors has prevented installments from being collected entirely at the official rate.

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