Some kind of online poll on a site called
has found that "Iraq is the number one destination for property investment", followed by Croatia, Costa Rica, Bulgaria and Romania.
Raya Mamarbachi
, director at the site, says:
Iraq, once a crazy idea, has been become an ideal place for investment. Its economy though plagued by war is dominated by oil, agriculture and tourism. Despite the volatility in the market, huge returns can still be made. Kurdistan's capital, Erbil, has seen huge rises in foreign direct investment. Croatia, Bulgaria and Romania have all flourished in recent years....investors are swapping allegiances with more traditional places for high risk areas. With the American market in constant turmoil, the Spanish and French market in a slowdown where else should Brits go? Iraq and Costa Rica remain unspoiled, untouched and a easier place for keen first time buyers to get on the property ladder."
Property development is underway across Northern Iraq, though much of it is stalled and dysfunctional. There are some surreal projects there, too, like American Village in Erbil (which
). The place is an exact replica of a suburb you'd find in Virginia, where the Iraqi-American developer learned the construction trade. He went so far as to fly in El Salvadorean workers to teach the Bangladeshi workers in Iraq how to get the curbs on the streets right. The UAE is emerging as one of the largest investors in Iraq's economy, whether it be
(
Crescent Petroleum
and
Dana Gas
) or
multi-billion dollar master developments in Baghdad
(
Al Maabar
).
