$28b Needed to Renew Old Urban Areas

Deputy Minister of Roads and Urban Development Hamed Mazaherian said an investment of 1,230 trillion rials ($28.6 billion) is needed to renew old urban areas across the country. Noting that as much as 30% of the Iranian population live in such areas, the official said the housing sector accounts for 12% of direct employment in Iran. Housing costs amount to 30-33% in the total expenditure of middle-class families and 45% of low-income households, IRNA quoted Mazaherian as saying.