Middle East developer begins work on luxury Baghdad tower

Middle East developer Damac Properties is to build a luxury tower in the Iraqi capital of Baghdad, signalling a leap forward for the country’s real estate market.

The luxury developer, which currently has 66 projects under construction across seven countries in the Middle East and North Africa, has begun work on Princess Tower, a 26 storey, luxury furnished apartment complex in the heart of the city.

The firm said that the US$ 100 million project is the first stage of a long term commitment to the country where it believes demand is rising for privately owned property.

‘Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth. Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3% according to the World Bank as people return from abroad,’ said Ziad El Chaar, managing director of Damac Properties.

The tower will include three bedroom fully furnished luxury apartments as well as a private health club, swimming pool and sauna complex, gymnasium and state of the art 24 hour security.

Once complete in 2016 Princes Tower will be one of the highest residential towers in Baghdad providing much needed exclusive living.

The announcement comes at a time when Iraq’s economy is growing, up 8% in 2012 according to the International Monetary Fund which has also forecast 9% growth for this year. Growth is fuelled by a surge in oil production, which is expected to increase by around 10% to 3.3 million barrels a day.

Damac Properties has also recently opened up an office in the Karrada district of Baghdad and will soon finish a company headquarters in Mansour.

The company is also working with many departments within the Iraqi Government with the aim of starting work on a master development in other major cities in the country. It has signed a memorandum of understanding (MoU) with the Iraqi Ministry of Housing to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.