British Chestertons Global has announced the opening of a new office in Baghdad as part of its Middle East expansion plans, the company stated on May 6.
Currently operating out of the United Arab Emirates the company has set sights on the fast developing Iraqi market which has seen an explosion of development in recent years due to foreign direct investment (FDI) in that country.
Iraq's real estate sector, valued at $1.12bn ($1.12bn), is projected to grow annually by 6%, attracting increasing investor interest, according to government figures.
Government-backed infrastructure projects, including plans to build one million housing units, are driving sustained demand across residential and commercial markets, Chestertons Global reported on May 6.
Baghdad is becoming a key development centre, with the construction industry expected to grow by 4.9% annually between 2025 and 2028.
The new Baghdad office will offer comprehensive property services, including sales, lettings, investment advisory, valuations and market research.
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