Economy, Domestic Economy

No Housing Shock This Year

No Housing Shock This YearNo Housing Shock This Year

A government official has predicted that the housing market will not experience a price shock in the remaining months of the current Iranian year (ending March 20, 2015). However, the rental market is expected to witness a rise in prices as the inflation rate is estimated to increase in the upcoming spring, said Hamed Mazaherian, deputy minister of roads and urban development. According to FNA, Mazaherian said supply has surpassed demand in the real estate market. “There are about 1.6 million of vacant housing units, but the problem is that the majority of homebuyers cannot afford the prices.”