Land Valuation: Erbil, Iraq

Case Study 44 - American Village in ErbilEMC RE was instructed to undertake a valuation of land on the outskirts of Erbil in Kurdistan, Northern Iraq.

Country: Iraq
City: Erbil
District: North of city
Type: Land
Size: 20 hectares
Project: Valuation
Client: Western government

Assignment
EMC RE's client had been offered land on the outskirts of Erbil in the Kurdistan region of Iraq, for the potential construction of a new embassy.

Approach
The real estate market in Erbil, and the whole of Iraq, is extremely opaque and large tracts of land tend to be held by officials  and not traded. To collect data it was necessary for EMC RE to research the entire periphery of the city and beyond.

Result
EMC RE was able to identify availability and evidence of land and real estate sales. The end user and construction markets were also researched and a cash-flowed and phased development analysis of the site undertaken. In combination this was the approach taken to value, backed up with hard evidence.

Tags: Iraq