Overseas Real Estate Blog

Yes you read correctly, Iraq. Yes Iraq could be the new property hot spot! Well believe it or not but today the well known Middle Eastern developer DAMAC has announced its plans to build a $4.5billion mixed-use project in Kurdistan, Iraq.

Located in the town of Erbil, the 170 million sqft Tarin Hills master development is a conglomeration of residential, retail, commercial, hospitality, entertainment, health and sporting facilities.

Peter Riddoch, CEO of DAMAC, said that the project will help deliver a much needed centre point from which to start the region’s transformation. “The hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined amongst the 18-hole course,” he said. “This community will be augmented with a golf club and health centre, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centres, retail complexes, besides schools and business parks."

To entice investors wary of the region’s may security problems, DAMAC said that Tarin Hills will exist as a fully gated community with security fences, 24-hour guards, a police station and a civil defense base on site.

Nechirvan Barzani, prime minister of the Kurdistan Regional Government of Iraq, welcomed the initiative and thanked DAMAC for working to help boost the region. "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative, which is very positive statement and symbol of the stability and growth potential of the Kurdistan region. We are confident of the success of this project and pledge our full cooperation with DAMAC and its investors in making Tarin Hills a world class development."

So holiday in Iraq may not be so far off a possibility as you may think! I think some enticing of investors may well be required but. However DAMAC quite rightly has some very loyal clients and we are very supportive (as one of their agents) is their projects in the Middle East and more recently in Cairo and soon near Hurghada. I look forward to seeing the due diligence on this one when ready and I am sure Iraq property discussion will continue for a long time now.