18539
Housing Market Boom by Yearend
Economy, Domestic Economy

Housing Market Boom by Yearend

The housing market will gradually experience a boom by the end of the current Iranian year (March 19, 2016), says managing director of Roads and Urban Development Organization in Tehran Province, Fariborz Vahedi.
According to the official, the average price of homes in Tehran is between 40 and 42 million rials per square meter. “There will be no increase in prices as well as rents by the end of summer,” he added. Vahedi hoped that increasing mortgage rates can help the housing market get out of the current recession. He stressed that the injection of more investment into the construction sector, which has been grappling with an unprecedented downturn since two years ago, will create a boom in the market, generate more jobs and help restore price stability.  
Last Iranian year (ended March 20), fewer construction permits were issued in Tehran, suggesting the constructors’ reluctance to build new houses due to low demand in the market.
According to Vahedi, there are more than 350,000 empty dwellings in the capital, most of which are new homes with no customers.
He called for closer cooperation between the Central Bank of Iran and the Ministry of Roads and Urban Development to grant financial resources to mass constructors to help them provide less expensive homes for low-income citizens.

Short URL : http://goo.gl/RJiYaa

You can also read ...

Iran Economic News Headlines for Today - October 15
1. Mohammad Baqer Nobakht, the head of Plan and Budget...
Iran Plans Barter Trade With Africa - Interview
As a bid to ease trade with African countries, the Iran...
Iran, India Aim to Accelerate Chabahar Project Before US Curbs
India and Iran have renewed efforts to operationalize one...
Ban on Iran Imports From Farah Checkpoint to Be Lifted
Afghanistan Customs Department has agreed to lift the ban on...
Iran Mineral Trade Surplus Rises to $3.5 Billion
Iran's trade surplus of mineral products increased notably to...
Iran Bushehr Port Exports to Qatar Hit $56 Million (Mar-Sep 2018)
About $56 million worth of non-oil goods were exported from...
Iran, Japan to Train Afghan Customs Staff
The Islamic Republic of Iran Customs Administration has signed...
Cars to Cost More in Iran
Automakers will soon receive the okay from relevant...

Trending

Googleplus