Bigger Loans for Real-Estate Developers

Bank Maskan, the state-run agent bank of housing sector in Iran, granted 4,834 construction loans worth 3,659 billion rials ($31.95 million) to real-estate developers during the month ending Aug. 22, which indicate 82% and 33.7% growth in number and value respectively compared with last year's similar month.
According to Mohammad Hassan Alamdari, an official with the bank, 9,820 construction loans worth 9,537 billion rials ($83.29 million) were taken out by home builders across the country in the first five months of the current Iranian year (started March 21), Hibna reported.
West Azarbaijan, East Azarbaijan and Kerman received the highest share of construction loans, in terms of number, among Iranian provinces during the period.
A total of 417.06 billion rials ($3.64 million) worth of loans were handed to applicants in West Azarbaijan, 507.31 billion rials ($4.43 million) to those in East Azerbaijan and 483.7 billion rials ($4.22 million) worth of banking facilities were given to real-estate developers in Kerman.