Kurdish Commercial Real Estate

When we talk about commercial real estate, we shall distinguish between office buildings and shop space.

With regards to offices, currently there is a lack of proper commercial real estate in Kurdistan. Buildings destined for offices are under construction and the first ones should come to fruition within the next 18 months.

At this point in time, it is residential villas that are being used as offices by all the companies. Technically, you can find offices in downtown buildings, but their condition leaves a lot to be desired and are not fit for any company needing to host meetings or clients.

The closest you will get to dedicated office blocks is in the new development Italian City. The first two rows of the development are individual houses of around 200 square meters that were purposly built to be used as offices. Other than that, the villas located in the Italian City compound, English Village compound, as well as houses in the Christian Ainkawa district are sought after spaces used as offices until proper office buildings exist.

The need for commercial real estate in Kurdistan, and more specifically Erbil, is growing. As the foreign companies slwly enter the markeplace, and the oil and gas industry grows, purpose built office buildings will be dearly needed.

The price of what we can call regular commercial real estate (shops, showrooms, etc), has dramatically risen in the past few years. Prices have more or less doubled between 2007 and 2011.

Currently, the primest commercial space is situated on the 100 meter ring road that circles the city.

If you are interested in getting more details about commercial real estate in Kurdistan, you can contact us by clicking here.

Leave a Reply