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.
Related Articles
ADNOC Drilling signs another deal to support offshore expansion
The drilling arm of Abu Dhabi National Oil Co. (ADNOC) has secured a substantial contract worth up to $800mn from the parent firm’s offshore subsidiary, further cementing its rapid diversification ... more
Israel carried out deepest strike in Iran to date, hitting Yazd missile command centre
Israel's air force conducted strikes on missile and UAV sites across multiple Iranian cities on June 22, including Isfahan, Bushehr, Ahvaz, and, for the first time, Yazd. "Earlier today, with ... more
South Sudan loses 5 tonnes of gold annually to smugglers via Uganda, SWISSAID reveals
At least 5,000 kilogrammes of gold mined by artisanal workers in South Sudan each year is escaping government oversight, with most of it smuggled through neighbouring Uganda to the United Arab ... more