Economy, Business And Markets

No Tumult Expected in Housing Market

No Tumult Expected in Housing MarketNo Tumult Expected in Housing Market

A senior housing official has predicted stability in the real-estate market until the end of the current Iranian year (March 19, 2016).

Hamed Mazaherian, deputy minister of roads and urban development, said on Thursday records of supply and demand indicate a steady housing market throughout the second half of the fiscal year.

Mazaherian also forecast a halt in rising rents, saying that an annual hike in home rents usually occur in early summer but hoped the upward trend would diminish next month, IRNA reported.

 “Our data show that landlords have raised rents at a rate lower than inflation and we hope them to keep rents well below the inflation rate by yearend,” he said.

Mazaherian hoped that the housing industry, which is in the midst of one its worst recession, would soon begin a recovery. “A boom in the housing market not only helps pull the country out of recession but would also create plenty of jobs which will in turn prop up the economy,” he maintained.