Interim Governing Council Allows Real Estate Deals
The Iraqi Governing Council abrogated on Wednesday Baathist laws that had forbidden Iraqis from owning real estate, especially in Baghdad (-al-Sharq al-Awsat). Real estate ownership in the capital was only recognized, according to al-Sharq al-Awsat, if the deed to it was dated before the 1958 coup. The new laws creating a private market in land and real estate are not affected by the recent announcment that foreign firms can buy Iraqi companies. Real estate was specifically excluded from foreign ownership, though it can be leased to non-Iraqis.