Jump in Price of Construction Materials

Tehran’s construction material price index hit 250.8 over last spring, registering a 12.4% increase from the previous quarter and a 27.3% growth compared with the same period of last year, the Statistical Center of Iran reported on Monday. The services sector index picked up 14.5% from April to weigh the most on the main index, the report said. An inflationary trend triggered by a sharp plunge in the value of rial against the dollar hit the foreign currency market in April. The galloping inflation has slowed trading in the property market. Housing officials have been struggling to rein in the soaring prices and jumpstart the stagnant housing market, including by revising regulations governing the construction sector and increasing home purchase facilities offered by Bank Maskan.