The Kurdistan Investment Authority has recently offered a project involving the construction of 650 housing units for physicians in the governorate of Sulaymaniyah to private investment companies, an official source at the agency confirmed with Zawya.
Farman Gharib Saeed, director general of the General Directorate of Investment in Sulaymaniyah-Kurdistan Board of Investment, said the project was offered to private sector participation in May, with preference given to companies with previous experience in executing similar undertakings.
He added that the project features a residential complex for physicians, who are members of the Doctors Syndicate, and will occupy a total area of 22,000 square meters (sqm). Covering 10 floors, the complex will have 650 housing units, each covering a living space between 120 and 150sqm. The development will also include additional amenities such as children day-care centers and green spaces.
Kurdistan's ministry of housing proposed the construction of housing units for limited-income families across three metropolitan centers within the region in 2011. During the same year, the regional government allocated USD 40 million for this purpose, and a further USD 240 million was allotted in 2012 for the construction of 5,000 residential units.
According to the Kurdistan government's official website, a budget of around USD 240 million has been set aside this year to build more residential homes. Limited-income families are offered the option to apply for long-term financing for their units.
Dr. Yasin Rasul, economics professor at the Salahuddin University in Erbil, expects the project in Sulaymaniyah to cost around USD 60 million, adding that the proposed number of units may be insufficient to resolve the gap between supply and demand in the housing sector.