IME Agrees to Create Real-Estate Index

The chief executive of Iran Mercantile Exchange agreed with the head of Real-Estate Agents Union to create an index to gauge the housing market.

The Real-Estate Agents Union has a vast network that gathers data about property trading throughout Iran, which could be used to create an index to show the activity of the housing market. “We want to create that index and after getting a Sharia-compliance stamp, offer futures and options on the index,” IME Chief Executive Hamed Soltani-Nejad was quoted as saying by the Persian daily Hamshahri earlier this week.

Hesam Oqbaei, the head of Real-Estate Agents Union said he would agree to anything as long as “it brings transparency to the market and facilitates property trading.”