Odd. Real estate in Iraq is soaring. And so is the Baghdad stock market. Optimist folk, these Iraqis. But cautious. Check out the dynamics in this story between the reporter and his interviewees:

Why is the market so hot? Inflation is part of the answer. The dinar was trading at the anemic rate of roughly 2,300 to the dollar last week. Just don’t mention the possibility of a collapse if Iraqi secret police might be listening. “It has nothing to do with the dinar,” a Karbala real-estate broker insists nervously. “It’s because the population is growing rapidly, and Karbala draws so many Islamic pilgrims from Iran.”

…Few people dare to say what the market will do after the war. The prospect of regime change is a risky topic. But watch what Iraqis are doing; their optimism is unmistakable. The Baghdad stock exchange is soaring, and private construction plans are pushing ahead.

…Asked why the market is surging now, both men pause a bit too long and then speak a bit too quickly. “The area is a desirable one,” says Isa. In the same breath, Majeed answers: “We love our country.”

I wonder, are Iraqis buying up land because they anticipate an influx of western investment after the war? And here’s a question: will land bought before the war still belong to its buyer once Saddam is toppled, and the U.S. occupation begins?

This entry was posted on Monday, February 24th, 2003 at 8:16 pm by Radley Balko and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.