Dubai based company Damac is planning to launch sales of the 80 apartments within its first planned tower in Baghdad. The project will be executed successfully by October or November – as stated by managing director of the company, Ziad El Chaar.
He remarked that 20 floor project containing four, three-bedroom apartments on each floor - will be the first significant tower to be built in the Iraqi capital since the 1980s. He also stated that from October or November, the project will be partially completed. By the mentioned time frame, the work will reach the first floor above ground, the sales office and show flat.
He said that the company is "technically the only developer in Baghdad" at the moment, but argued that the opportunities in the city outweighed the risks. According to him, the interest was huge. Within one week of project planning, the company received approximately 1,600 leads for a project with approximately 80 apartments. He remarked, "Baghdad is a wealthy city and there is a thirst for a premium residential project. People are paying $1m to buy a 250m2 townhouse that is 25 years old."
He argued that the services being offered by the company at the building - such as proper building management, security, gyms and a swimming pool - are "something that is totally not available in Baghdad". It has to be noted that the power supply in Baghdad is not adequate and power outage is a constant problem in this place. In such a scenario, the company will also install two giant units for power generation for the entire building, which will serve the entire building for 24 hours. The company has hired Turkish contractors, who are experienced enough to work in the Baghdad, Iraq.
He stated, "It’s not easy in Baghdad. We would have liked to bring in international contractors that we know, but the security situation does not allow many of these to be there." Though many challenges are there in Iraq, the company thinks that it has larger prospects in future and it is now a proven strong economy.
Emerging market offers quite lot opportunities for the investors and the companies, and he thinks that Iraq is an emerging market.