The real estate market is booming in Baghdad [Mercury News].
Property values has climbed 1,000% in the past 3 years. “A five-bedroom river-view house sold three years ago for $45,000. Two years ago it sold again, this time for $80,000. It sold a third time in August. The latest price tag? $300,000.”
Fixer-uppers, namely those that have bullet or bomb damage are among the most sought after properties now.
Despite the war and suffering, the economy is in better shape than before. One of the brokers indicated many of his customers made their money by looting after the fall of the old regime.
Unfortunately, a number of real estate agents have been murdered by insurgents. “Real estate is hardly the only business that carries a potential death sentence. Liquor stores and hair salons are targeted for being against Muslim law, restaurants for feeding policemen, and government offices for cooperating with the United States.”
Webmaster’s note: Its a mad, mad, mad world.
How much would you really want to invest in a place that has bomb damage, or is that now a selling point? “We’ve replaced this part of the wall with a new sink and vanity mirror, and plastered up those ugly bullet holes and replaced what the mortar rounds took out.” I’d rather live somewhere bullet-hole free.
Of course it is a boom zone. That is what they meant by real estate boom. It was literal. Honestly my heart goes out to all concerned.