Property prices in central Baghdad are as high as London's, even though Iraq's national income is down by 70 percent since the collapse of oil prices. Islamic State bombings regularly devastate parts of the capital and still the real estate market booms. Why?
Because there is so much "dirty money" in Iraq that needs to be laundered. If you lack the political clout to get your stolen money out of the country, then the safest course is to put it into residential property. But then that's not a very safe bet either when the entire pseudo-democratic system bequeathed to Iraq by the U.S. invasion is on the brink of collapse.
Intrusion late last month by thousands of angry Iraqis into the Green Zone, the vast blast-walled government compound in Baghdad, was probably the beginning of the end of the current dispensation in Iraq. They stayed for two days, only leaving after delivering an ultimatum calling for wholesale reform of the government but vowing to return if it does not happen.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.