Skip to main content

Serious housing crisis creeps up on Iraq

Iraq is facing a difficcult housing crisis due to oil prices dropping amid the coronavirus pandemic.
An Iraqi woman looks at the damage outside her house in a residential area of the capital, Baghdad, on July 13, 2015, the day after a car bomb explosion. A string of bomb explosions, including two suicide attacks, killed at least 21 people and wounded 62 in Shiite-dominated neighbourhoods of Baghdad, Iraqi police and medical sources said.  AFP PHOTO / SABAH ARAR        (Photo credit should read SABAH ARAR/AFP via Getty Images)

Since the oil prices dropped as a result of the coronavirus pandemic, issues regarding Iraq's financial obligations have begun to escalate, in light of the complete dependence on oil revenues to pay salaries and activate the economy. Making matters worse is Iraq’s commitment to reduce its share of oil exports within the April OPEC agreement.

In light of the expected salary deductions by the government, and the current financial crisis that has led to a delay in paying salaries in the majority of government departments, tenants are beginning to experience an emerging crisis, not only for commercial shops and institutions but for residential housing as well.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.