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Maskan Loans to Support Middle-Income Iranians

Maskan Loans to Support Middle-Income IraniansMaskan Loans to Support Middle-Income Iranians

As Iran’s beleaguered housing sector continues to show signs of boom after five years of stagnancy and a majority of pundits predict a rise in home prices, Bank Maskan, the nation’s agent bank for the sector, has vowed support for middle-income Iranians who represent the bulk of real demand.
“The main target group of the bank for providing housing facilities are the middle-income people that form a portion of the third decile of the society up until a portion of the seventh decile,” Abolqasem Rahimi Anaraki, the CEO of Bank Maskan, was quoted as saying by HIBNA.
According to the CEO, middle-income Iranians are the main applicants for purchasing residential units with medium and small areas, as homes eyed by this group have an area of less than 100 square meters nationwide and those with an area of less than 75 square meters in Tehran.
“It has been decided that applicants wishing to purchase medium- to smaller-sized residential units will be given first priority in the loan allocation process,” he said, adding that luxury units and those with big areas “are in no way a priority”. 
Luxury residential units constitute a notable portion of the 2.5 million empty homes in Iran. In Tehran, where about 500,000 homes remain vacant, the affluent District 1 boasts a large number of pricy empty units. However, the government is mostly focusing on boosting the purchasing power of middle-income home buyers.

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