Home in Iraq

New Zealand’s family-run Atconz Real Estate Development will spend $1 million on a housing development in Iraq’s northern Kurdish region, near the regional capital Erbil. Plans for the “New Azadi” project call for the creation of 1565 houses ranging from modest, low-income homes to luxury villas. The project, announced at Dubai’s Cityscape property expo, also envisions schools, a hotel, a supermarket and other facilities. Atconz chief executive Dean Michael said Iraq is the biggest emerging market in the region and will be for the next 20 years. “We believe in partnership with the government investment authorities in Iraq who have identified the need for 1.5 million new residential units across the country,” Michael said. Construction is expected to start by the end of the year and to be completed in three years. Michael said the company would look to expand to Basra and Najaf in the south of Iraq if opportunities arose.