Property Investor information: Iraq
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Property Investor information for: Iraq
Formerly part of the Ottoman Empire, Iraq was occupied by Britain during the course of World War I; in 1920, it was declared a League of Nations mandate under UK administration. In stages over the next dozen years, Iraq attained its independence as a kingdom in 1932. A "republic" was proclaimed in 1958, but in actuality a series of military strongmen ruled the country, the latest was SADDAM Husayn. Territorial disputes with Iran led to an inconclusive and costly eight-year war (1980-88). In August 1990, Iraq seized Kuwait, but was expelled by US-led, UN coalition forces during the Gulf War of January-February 1991. Following Kuwait's liberation, the UN Security Council (UNSC) required Iraq to scrap all weapons of mass destruction and long-range missiles and to allow UN verification inspections. Continued Iraqi noncompliance with UNSC resolutions over a period of 12 years resulted in the US-led invasion of Iraq in March 2003 and the ouster of the SADDAM Husayn regime.
Coalition forces remain in Iraq, helping to restore degraded infrastructure and facilitating the establishment of a freely elected government, while simultaneously dealing with a robust insurgency. The Coalition Provisional Authority transferred sovereignty to the Iraqi Interim Government (IG) in June 2004. Iraqis voted on 30 January 2005 to elect a 275-member Transitional National Assembly and voted on 15 December 2005 to elect a 275-member Council of Representatives that will finalize a permanent constitution.
Iraq is currently not recommended by The Property Investor Magazine for foreign Property Investment due to this countries political and or economic situation.
