The key to the best property investment, experts often preach, is buying at an early stage of a market's growth cycle.

Given that Iraq still has untapped oil reserves – a commodity the world is increasingly desperate for, the amount of money soon to be swilling around Iraq will be truly eye-popping.

In particular, Kurdistan, a region in the north of Iraq, looks set to profit from both the transport and mining of oil. According to Dr Ashti Hawarami, Kurdistan's natural resources minister, Iraq's oil earnings could increase fivefold to $200-300bn a year, creating "more money than the nation could ever spend" (source; Monocle, issue 14, Volume 2).

With resources like this, Iraq can set about rebuilding its cities in a financial environment where only the sky is the limit.

Step forward DAMAC Properties, which recently announced the ;master development' of Tarin Hills in the Kurdistan city of Erbil.

A mix of residential, retail, commercial, hospitality, entertainment, health and sports components set in the rolling green landscape of Erbil, Tarin Hills will feature Mediterranean-styled villas, townhouses, apartment blocks, a sports centre and spa, water and theme parks, schools and an 18-hole golf course. 

Speaking at the announcement of the project, DAMAC's Chairman Hussain Sajwani said: "We are very confident that Erbil's unique topography has great potential to become an attractive destination for both high-end and mass tourism. We are happy to contribute to the development of a new Kurdistan and believe that this investment will contribute towards the growth phase of the region and a landmark in Iraq development."

Speaking at the same press conference, Nechirvan Barzani, Prime Minister of Kurdistan Regional Government of Iraq, commented: "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative which is very positive statement and symbol of the stability and growth potential of the Kurdistan Region. We are confident of the success of this project."

Although property prices at the development have yet to be formally announced, the region's oil industry focus means that no matter how early in Kurdistan's growth cycle you take the plunge, the asking price won't necessarily be bargain basement.

Black gold, as ever, has plenty to answer for.

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For more information visit:
www.damacproperties.com

Article first published 17th July 2008