Iranian tenants will experience a housing rent increase of 15% in the summer, which is beyond the current inflation rate of under 10%, according to the deputy head of Tehran Association of Realtors who identified the housing price index as a major reason behind the hike. “We have been witnessing an increase in the housing price index since the previous winter and even if we presume that the rise in home prices during spring was a bubble, the hike in the housing price index of last winter will definitely exert its influence on home rents,” Hesam Oqbaei also told ILNA. The official referred to a lack of balance between supply and demand in the market, such that demand exceeds supply at present, and a decline in bank interest rates as other main reasons behind the higher rents.
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