>In March 2010, the Iraqi Government announced the ‘National Development Plan 2010-2014’ with a need of 3 million housing units with a plan to supply 2 million housing units over five years. >In 2010 the National Investment Commission announced their ‘National Housing Program’ to develop one million housing units in 14 Governorates, 224,000 of which would be in the Baghdad province.
>The Baghdad Bismayah New City Project (BNCP) is currently Iraq’s largest residential project at 1,830 hectares with 100,000 units being built between 2012 and 2019 >In addition, infra-networks such as roads, electricity, water and waste management, along with a cohesive social groundwork of public facilities for commerce, education, and welfare, will make this project a perfect execution of modern urban construction.
>The contract amount was US$7.75 billion and it is planned to accommodate around 600,000 occupants. >The city is located 10km on the outskirts of Baghdad and is the first and biggest city development throughout the history of Iraq.
>To ensure the success of Bismayah, apartments are offered for a down-payment of just$6,300, or 10 percent of the total cost of the smallest 100 sq metre homes, with the balance repaid over 20 years. >Flats in Baghdad in comparison are far pricier, and buyers are required to pay for the apartments in one lump sum.
