Expert: Decline in Home Sales Not Considered ‘Recession’

Iran’s real-estate market is witnessing a decline in home deals, which cannot be considered a recession, Beitollah Sattarian, a housing expert said. 
“Demand for housing has always outweighed supply over the past 50 years, which trend will continue into the next [Iranian] year [starting March 20]. I believe all four indexes in the housing sector, namely the number of deals, price, production and investment, will grow next year,” he was quoted as saying by ISNA.
“The short period of decline in the number of deals is not tantamount to recession, as nearly 2,000 home deals were struck in the month ending Feb. 18 in Tehran. It is too soon to consider such a decrease in home deals as recession. Despite Covid-19 in Iran and the whole world, home prices in Tehran went up by 100%. The number of deals dropped suddenly following the US presidential election in the month ending Nov. 20. Over 10 months to Jan. 19, the number of home sales increased by 23%, which is indicative of an investment surge in the market.”