The Iraqi government has completed 10% of Bismayah New City project, Nebras Al-Khazraji, an advisor to the Iraqi minister of construction and housing told Zawya.
"The project has high priority over other housing projects in Iraq; construction has commenced in July 2012 and is expected to be complete by 2016. The budget earmarked for the project is $6 billion for 2012 and is expected double over the coming years till 2015," said Al-Khazraji.
Bismayah city is located 10km south east of Baghdad on the Iraqi-Kuwaiti Highway, spread on a total area of 18.3 million square meters and is planned to accommodate around 600,000 occupants in a total of 100,000 residential units.
"Iraq holds around 61 residential projects for medium-cost housing in addition to around 50,000 low-cost residential units. However, Iraq needs more than 3 million residential units by the end of the year to overcome the housing crisis. Iraq aspires to build 70,000 units annually till 2015, however only 6,000 units a year are actually completed," said Al-Khazraji.