First Home law aims to tackle housing gap

The "First Home" project in Iraq is an initiative aimed at reducing the housing gap estimated at around 2.4 million units. Its goal is to facilitate Iraqis' access to their first dedicated residence. The law includes benefits such as exemptions from registration and tax fees, priority in housing finance of at least 70%, with repayment periods extending up to 25 years. It also requires that applicants or their families do not own any previous residential properties. Additionally, the law designates at least 60% of land and housing units for beneficiaries, with measures to prevent real estate speculation and the creation of a national electronic registry to ensure beneficiaries do not receive multiple allocations. The estimated annual cost of exemptions is approximately 450 billion dinars. It also includes financing requirements to support housing projects and reduce the housing deficit, which exceeds 2.4 million units. The overall aim is to improve the housing situation and provide adequate shelter for Iraqi families.

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