FAQ
Common Quetions
Modon is one of the most prominent and successful companies in modern real estate development in Iraq and operates under the umbrella of Al Handal International Group.
Does Modon Real Estate Development provide freehold housing units?
Yes, Modon Real Estate Development sells housing units to both residents and local investors and owns a variety of residential complexes and towers in several destinations in Iraq, including
- My City project provides residential villas in Kirkuk Governorate.
- A home project that provides residential villas in Salah El-Din Governorate.
- Buruj residential project provides apartments in Baghdad Governorate
- La Vida residential project provides apartments in Baghdad.
- The Future City project provides villas and apartments in the province of Baghdad.
Who owns Modon Real Estate Development?
Modon Real Estate Development Company is owned by Al-Handal International Group, the international investment group.
By law, can you buy real estate in Iraq?
Yes, the laws in Iraq allow residents and local investors to buy real estate in the freehold market in Iraq. Contact Modon Real Estate Development Sales Center to start your real estate investment journey in Iraq.
Can foreigners/ex-pats buy housing units in Iraq?
No person of any nationality, whether residing in Iraq or abroad, can buy real estate in Iraq and it is not required to obtain any type of residence permit or another similar permit to purchase real estate in Iraq
What are the steps for buying real estate in Iraq?
The process of buying a property includes following basic legal steps in Iraq
First, prepare the buyer and seller agreement
When you find an appropriate unit, you should consult with a real estate agent. Who will help you communicate, negotiate and determine the terms of sale with the owner.
Second: Signing an agreement for sale (sales contract)
When all the details are completed, it is time to sign the Sale Agreement. It is customary in Iraq for the buyer to pay 10% of the property value to the seller
How long does it take to buy a new property in Iraq?
It takes at least one month to complete the real estate transaction in Iraq. The transaction starts by opening the statement to the competent real estate registration department followed by sending the transaction from the real estate registration department to the secretariat department to pay the fees and violations if any. Then, it is returned to the real estate registration department and after that, It is sent to the tax department within the local jurisdiction to conduct tax accounting on the buyer to pay the property and land tax. And finally, the transaction is returned to the real estate registration department to decide and register the property in the name of the buyer.
How long does it take to buy a new property in Iraq?
It takes at least one month to complete the real estate transaction in Iraq. The transaction starts by opening the statement to the competent real estate registration department followed by sending the transaction from the real estate registration department to the secretariat department to pay the fees and violations if any. Then, it is returned to the real estate registration department and after that, It is sent to the tax department within the local jurisdiction to conduct tax accounting on the buyer to pay the property and land tax. And finally, the transaction is returned to the real estate registration department to decide and register the property in the name of the buyer.
What are the fees involved in buying a property in Iraq?
There are fees for dismantling and transferring the property in the name of the new buyer and it consists of registration fees + taxes + fines for violations to the municipality, sewage, water, and electricity departments
How do I buy a property in installments in Iraq?
The customer must apply for a real estate loan through one of the banks in the State of Iraq, and the company offers a special offer to customers, a loan of one hundred million dinars without interest and commissions
The following documents are required from Iraq residents of the State of Iraq to get approval for a mortgage loan
- Passport Copy
- Iraqi ID copy
- Residence card copy
- The Sales contract
Are real estate in Iraq subject to value-added tax?
Real estate in Iraq is not subject to value-added tax, but is subject to real estate rental tax and real estate sale tax upon sale
Is it possible to buy properties in Iraq and get a residential visa?
Non-Iraqis cannot own property in Iraq. As for obtaining a residential visa, it is determined by the Department of Residence
Is the Buruj project located in a good area?
The Buruj residential project is a multi-destination and is located on the main street of Baghdad Airport near Abbas Bin Firnas Square. The Buruj residential project, which is being developed by Modon Real Estate Development Company, is a distinct residential, commercial and recreational destination
The projects of Modon Company in Baghdad, which are the Buruj project, the La Vida project, and the Future City projects are three pioneering projects that contribute to changing how Baghdad is perceived.
The projects are ideal for young professionals who want to live in the heart of Baghdad’s business district and stay close to its mall, Downtown Baghdad, where it offers direct access to major highways
The projects of Modon Company in Baghdad, which are the Buruj project, the La Vida project, and the Future City projects are three pioneering projects that contribute to changing how Baghdad is perceived.
The projects are ideal for young professionals who want to live in the heart of Baghdad’s business district and stay close to its mall, Downtown Baghdad, where it offers direct access to major highways
How can I become a real estate broker in Iraq?
You need to get the approval of the Ministry of Commerce, the Companies Registrar Department, and to establish a company with a commercial name specialized in brokerage (limited or limited liability). after getting all security and technical approvals you can start your real estate brokerage business in Iraq
How can I buy a property from Modon Real Estate Development Company?
Contact one of our sales representatives who will be more than happy to assist you throughout the whole process.
For more information, please call 00964770030004 or 00964770030005 or contact Mudon real estate development sales centers (Baghdad Sales Center, Kirkuk Sales Center, Tikrit Sales Center)
For more information, please call 00964770030004 or 00964770030005 or contact Mudon real estate development sales centers (Baghdad Sales Center, Kirkuk Sales Center, Tikrit Sales Center)
I am planning to move to Baghdad, where can I look for real estate projects?
There are many ways to start looking for real estate in Baghdad. For more information about Baghdad Real Estate projects, please call 00964770030004 or 00964770030005 or contact Modon Real Estate Development sales centers
I am looking for a luxury apartment. What is the best location to buy real estate in Baghdad?
The real estate market in Baghdad has a wide range of luxury residences to choose from, and the luxury real estate sector has grown considerably in the governorate in recent years. Modon real estate development has several luxury housing projects, including (the Borouj housing project, La Vida project, Future City project),
Would you recommend investing in a property in Buruj Residential?
Buruj is a family-friendly luxurious residential complex with superb quality apartments. It is still under construction. The first phase will be handed over by Q3-2023.
The complex has different services and amenities such as schools, nurseries, kids’ play areas, a five-star hotel, shops, and restaurants. In addition, The complex has a large park- Boulevard Buruj.
The Borouge complex is located on the main street of Baghdad International airport.
The complex has different services and amenities such as schools, nurseries, kids’ play areas, a five-star hotel, shops, and restaurants. In addition, The complex has a large park- Boulevard Buruj.
The Borouge complex is located on the main street of Baghdad International airport.
What if I cannot complete the off-plan property payment?
If you are unable to complete the payment of the property, the developer has the right to send two warning letters within three months in-between. after which the housing unit will be confiscated
Do tenants pay VAT in Baghdad?
No
How can I follow up on the construction progress of my unit?
We will inform all the investors of all the updates. You can e-mail us at info@Modoniq.com for more information
My address has changed since I bought my unit. How can I update it?
You can update your address by sending us an e-mail, Please visit the sales center in Al-Mamoun area