Economy, Business And Markets

Lower Forex Rates to Bolster Housing Sector

Lower Forex Rates to Bolster Housing SectorLower Forex Rates to Bolster Housing Sector

Fluctuations in the currency market had caused a price hike in Iran's already beleaguered housing sector, but even though foreign exchange rates have currently cooled down, they are expected to have a positive impact on the housing sector.
Ali Qaedi, the deputy head of Planning and Housing Economy Office affiliated with the Ministry of Roads and Urban Development, conceded that the jump in currency rates increased home prices, but also noted that the Central Bank of Iran's successful measures in taming the currency rates has led to positive results for all markets, including the housing market.
"Higher prices in the housing market have been relatively controlled and speculators have now exited the market," he told HIBNA.
The past few months have proved tumultuous for the currency market with the US dollar and euro reaching new heights against Iran's rial. This prompted CBI to intervene and curb the rates by way of a crackdown on black market speculators and introducing certificates of deposit with 20% interest rates.


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