The Ghana attacker left Bournemouth for City after they agreed to pay his contract's £65m buyout clause.
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Speaking to Marca, Iraola insists: "For me, it wasn't expensive at all. He's a player who's improved with every season he's spent with us.
"He used to play as a striker, but we tried him as a winger, and he's adapted very well to the change. He has a key advantage: he's good with both his right and left foot.
"Knowing Pep (Guardiola, City manager), I'm sure he'll get the most out of it. I'm convinced he'll be a great signing."
Semenyo has scored two goals in three games for City since his switch.