UAE property developer Damac Properties recently attended an Iraqi real estate exhibition in Erbil, in the northern part of the nation where many believe there is a growing market for residential real estate developments.
Currently, there are 44 private tourist projects underway in Erbil, according to Kurdistan's General Authority on tourism, reported Khaleej Times.
As a result of relative political stability as compared to the southern part of Iraq, oil revenue investments boosting infrastructure and a move on the part of many Iraqis to return to the region after years abroad, demand for residential units is anticipated to reach one million over the next few years.
Furthermore, occupancy rate of hotels in the region is running at 84 per cent, while airport arrivals have also grown exponentially over the past two years.
© 2006 Mena Report (www.menareport.com )