U.S. Real Estate Firm Finds Vibrant Housing Market — in Iraq
|May 23, 2010||Filled under All Dinar Trade Articles|
Sometimes you’ve got to go a long way to find true opportunity. Good thing Americans are known for their resourcefulness.
Two college students in Minnesota think they have finally found a housing market with growth potential. Their Forex Realty Consultants links expatriate Iraqi property owners in the U.S. with buyers in Iraq.
It just goes to show that there are always housing deals to be made — they just might not be right under your nose, or even on the same continent.
The two 23-year-olds, Ishraf Ahmad and Derrick Turner of St. Paul, aren’t getting rich off their idea yet. But they have mapped out a business plan that gets them and Baghdad-based partner Ali al-Robaie 3 percent to 7 percent commission on each Iraqi property they sell. (Smaller and rural properties are charged a higher commission.)
So far they have sold a handful of residential and business properties that have taken anywhere from five months to nine months to move. In December they made a $400,000 sale but currently have an $8.6 million listing that was once owned by an ambassador.
Iraqi expatriates are finding this to be an ideal time to unload property they may not have seen in years. As was the case with the parents of Basil Fayadh, a 35-year-old currency trader in New York City. They left behind a home in Iraq five years before their son was born. Navigating the red tape — what Turner calls “Iraq-cracy” — can be tough to do for property owners, and even tougher for those no longer living in the Mideast.
“The Iraqi bureaucracy, while very thorough, is cumbersome and inefficient,” Turner told HousingWatch. “The various government institutions we deal with, in order to create the proper documentation to affect the sale, constitutes most of the time we spend completing a…(more story)
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