Economy, Domestic Economy

Construction Permits Decline

Construction Permits DeclineConstruction Permits Decline

A report by the Statistical Center of Iran (SCI) shows a 53.9% decline in the number of residential construction permits issued by Tehran municipality during the first half of the Iranian calendar year 1393 (March 21-September 22, 2014). The SCI report also indicates a 57.9% decline in construction permits issued across the country during the six-month period, IRNA reported. Around 48,700 construction permits were issued in Tehran alone over the aforementioned period compared with more than 90,600 permits in the similar period of the preceding year. The unprecedented downturn in the housing sector is said to be the main reason behind the sharp decline in the number of construction permits.