Kurdish tycoon builds ‘White House’ while developers talk is upbeat, despite problems

[k98nights]

Kurdish tycoon builds ‘White House’ while developers talk is upbeat, despite problems

Written on October 27, 2014

Architect’s representation of the new Erbil ‘White House’

Despite the economic impact of the war with ISIS and the long-running budget dispute between the Kurdistan Region and the Iraq central government, property developers have been talking optimistically to Bloomberg about economic prospects and a local tycoon has almost finished building a replica of the ‘White House’ in Erbil. Shihab N. Shihab – who made his fortune from developing malls and other businesses during the boom of the past decade – is building a $21 million replica of the Washington White House. It is replete, says the Bloomberg article, “with layers of Italian 21-carat gold leaf covering banisters and ceilings and Greek marble columns that grace the entrance”.

Shibab says he is going one better than the US president because “I get to keep my bedroom for the rest of my life while Obama has to vacate it when his term ends”. The build is due for completion in four months and it will dominate Erbil’s exclusive ‘Dream City’ compound. As a replica of the US president’s official residency it will possibly upstage Erbil’s other, PUK-controlled ‘White House of Erbil’

Bloomberg quotes Sarbast Mantik, information director at the Kurdistan Board of Investment, as saying that investment in real estate in the Kurdistan Region has reached $42 billion since 2006, including $13.3 billion in housing units, with $2.5 billion in property investments coming from the UAE and $1.34 billion from Turkish investors.

However, it also reports that some buyers have been unable to keep up payments on their new homes, partly due to the budget crisis which has led to months of salary delays for hundreds of thousands of public sector employees. It also says the ISIS offensive since June has frightened off Kurdish expatriate investors.

A spokesman for the Falcon Group – which is running the square-kilometre Empire World tower block building project in Erbil -said he is optimistic that the market will pick up again, although “There may be a little bit of delay with some of the (Empire World) projects and not the whole concept … People are more cautious about spending and investing the way they would normally be.”

Despite the challenges, some developers remain upbeat. “There’s a lot of money to be spent,” Tania Toma, associate for strategic consulting at Jones Lang LaSalle, a real estate company, told Bloomberg. “The Kurdish people are very cash rich and they want to spend money. People want to buy something now because they think there’s a potential for growth.”

While giving a tour of his 3,000-square-metre ‘White House’, Shibab also predicted that the problems will prove “temporary”.

http://kurdistantribune.com/2014/kurdish-tycoon-builds-white-house-developers-talk-upbeat-despite-problems/

[new york kevin]

Cool for him. I just want a hunting property with a creek and pond post RV. Plus a state of the art security system, and a lazier site for my 44 mag.

[bigwave]

"$21 million replica for the Washington White House."

 

Sounds cheep.

 

[Deborah Layne]

I'd be happy to let him furnish it with the occupier of OUR White House

[boosterbglee]

Deborah!!!   

[chess]

......AND, thank G-D Obummer has to vacate!!!............................

[RAGARCIA62]

Yeah, and our sh..t is falling apart. Gotta put crap ass looking barriers around our "white house" to keep the crazies out. I kinda think we probably look like a bunch of fools to many countries. So sad.

But, good for them.

[gymrat76541]

The rich are all the same the world over!

 

Kurds are fighting for their very lives & this fool is wasting money! WOW

[swthomas34]

View photo

Iraqi Tycoon Builds White House Replica (ABC News)

 

 

It's not on 1600 Pennyslvania Avenue, but a to-scale replica of the White House under construction in northern Iraq is "close enough."

 

"It's outrageous, really fancy, and well-built," Tony Hozeph, general manager of Dream City, told ABC News.

 

Dream City is a ritzy community in the Kurdish capital of Erbil.

 

Hozeph would not identify the owner other than to say it was a prominent Kurdish businessman.

 

A buyer offered to purchase the replica for $17 million, but the current owner refused, according to Hozeph.

 

"It's not finished yet completely, there's no furniture and the interior construction still needs to be done," Hozeph said.

 

Dream City is one of Iraq's most expensive communities with mansions that would not look out of place in Beverly Hills. Vacant land in the area has a starting value of $250 per square foot. And a house sells for four times that, at $1,000 per square foot, Hozeph said.

 

Planned communities like Dream City are emerging on the heels of a real estate boom that began in 2003. They're home to wealthy Iraqis and Kurds who made their fortunes in oil and other businesses, Hozeph said.

 

Security remains a concern for the enclave, especially with the presence of the militant force ISIs which recently threatened Erbil until the U.S. air force intervened.

 

A fortified fence surrounds the development. "High tech companies and government agencies provide security," Hozeph explained.

 

https://gma.yahoo.com/iraqi-tycoon-builds-white-house-replica-171400945--abc-news-topstories.html

Edited October 30, 2014 by Markinsa
Removed Link from Title| Added Photo

[skrappyone]

Houses $1,000.00 USD per sq ft?  Thats almost 10 times of what it is here lol.  So why not RV their currency 10 times ours, lol.  Let's see, .85 X 10 = $8.50 USD/IDQ.  I'm all for that.        

 

Lol.  Looks like the White House and needs the military to protect it just like our real one.  Hmmmm.....new home for Obama.   Just Say'n

[10 YEARS LATER]

Interesting to say the least . . . . Point (s) well presented ole  Skrappyone !

[sandfly]

THANKS

[Saint]

Despite the challenges, some developers remain upbeat. “There’s a lot of money to be spent,” Tania Toma, associate for strategic consulting at Jones Lang LaSalle, a real estate company, told Bloomberg. “The Kurdish people are very cash rich and they want to spend money. People want to buy something now because they think there’s a potential for growth"

 

Guess this explains why they can build all these expensive homes and mansions while the poor stay poorer. Hmmmmm this sounds familiar.  

 

:angry: :angry: