Economy, Business And Markets

Need for 10m Housing Units

Need for 10m Housing UnitsNeed for 10m Housing Units

The market for low and medium-price housing will pick up next year, an advisor to the Ministry of Roads and Urban Development said Saturday. Hossein Abdo Tabrizi referred to the first-time homebuyers’ accumulated demand for residential units and said to meet such high demand “10 million new housing units should be constructed in 10 years.” He predicted a rise in demand for low and medium-priced units in the next Iranian year that starts in mid-March 2016, which could move the market, ILNA reported. Speculation in the key housing market has “declined considerably over the past two years, saying it is beneficial for the economy.” Abdo Tabrizi pointed to the large  number of luxurious houses and shops in the big cities and said, “The market for such property will remain in recession in the coming year.”