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Housing Recession Driven by Uncertainty
Economy, Business And Markets

Housing Recession Driven by Uncertainty

The uncertainty caused by lengthy nuclear talks between Iran and the six world powers has kept the housing market in recession in recent months, a real estate expert says. According to central bank data, housing deals fell 28.4% in spring compared to the same season of the last year. “People have been worried about the future of talks; so even those who’ve been able to buy homes have refused to do so to see what would be the outcome,” Keivan Shadman told Eghtesad News website. Experts hope with the nuclear dispute seeming to be finally resolved this week and with the removal of western sanctions weighing on Iran, the real estate market would start moving again after two years of recession. Citing some other experts, the website said the recession, which has hit the whole economy in recent years, should be blamed for the out-of-whack housing market, which accounts for about 30% of the Iranian gross domestic product.

 

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