“The Iraqis bought more than 70,000 Real estates in London in 2014 alone,” the sales manager at Britain’s largest state-run real estate firm, Kader Khan, told Reuters. “This is more than all Gulf Arabs have bought in a quarter of a century in the same city.”
“I am sure they are not British citizens, but are working in the Iraqi government in senior positions, ministers, deputies and higher,” said the British-born British-born Khan.
In response to a question about why Iraqis are reluctant to buy real estate now, Khan did not give reasons for that, but pointed to the decline in the figure in 2016 from 70 thousand to 21 properties only and reached the lowest level in 2017 with only 3 properties.
“Perhaps Iraq’s coffers are running out,” a watchdog source said.
The source said Iraqi officials and advisers in the Iraqi government mostly owned real estate in London and that they bought it after taking over government positions and it monitored the purchase of three ministers of real estate in London as well as a deputy minister and a former governor raised charges of corruption and daughters of a senior official in the State of Iraq and also serve as his advisers.
Although London’s properties are more expensive than gold and safe haven for the rich, there are fears these days of a painful correction in prices in the coming months. LONDON (Reuters) – Investors in London today are likely to see a dramatic drop in British luxury property due to a profit tax that will come into effect in April.
The profit tax on British property sales will be 28 percent. This tax is taken from the increase in the price of real estate “ie the difference between the purchase price and the selling price”.
Under the British residency laws, a foreigner who invests a quarter of a million pounds in a commercial partnership in Britain or a company that employs at least four British or European people is given permanent residence immediately. If the foreigner invests 1 million pounds (1.65 million dollars), the foreigner will receive the British passport in five years. If he invests 10 million pounds, he will be granted immediate residence and a British passport in three years. Yasar Hassan said these temptations usually contribute to the revival of luxury properties because investment in the property is guaranteed, and does not include the complexities of other commercial investments.