Surge in House Prices Predicted After May Election

While the housing market will remain calm until the presidential elections in May, home prices will experience a rise later in the current fiscal year that began on March 21, predicts the head of Tehran Builders Association. In light of the fact that the upcoming presidential vote on May 19 will mark the second tenure of President Hassan Rouhani should he win reelection, Hassan Mohtasham told ILNA, "I believe that until then and before the elections, the housing market will remain calm because usually no liquidity will enter the market during this period and the number of home sales will not rise." While minimum wage has increased by 14% as per the directive of the government and house-building costs have gone up by 30%, "we predict that during this year, house prices will increase by 15%".