Iran Gov't Reducing Construction Costs to Help Distressed Areas

The government's initiatives, including urban development tax rebates and construction incentives, have significantly lowered construction costs to help distressed urban areas.
"Even without considering the 500-million-rial ($3,570) loans offered [by state-run Bank Maskan] with the aim of renovating homes in distressed urban areas, the cost of constructing each square meter of a home in those areas is now 5 million rials ($357) lower than in ordinary areas," said Majid Rousta, a board member of the Urban Development and Renovation Company.