Economy, Domestic Economy

Housing Construction Slumps

Housing Construction SlumpsHousing Construction Slumps

Two years of consecutive slump in the number of housing units has led to a sharp fall in supply in the housing market and a subsequent rise in prices, Mohammad Mehdi Mafi, the secretary of the association of home builders told ISNA on Monday. Mafi, however, predicted that the current recession in the housing market would end by the end of the year (March 21, 2015), and both the home buyers and home sellers can benefit from this situation. He also warned that the decrease in construction of housing units may reduce supply, which could result in price increases in the real estate market. Mafi also suggested that the government controls the situation of the real estate market to prevent another sharp hike in prices.