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Housing in Iran is in recession due to high construction costs

Economy Materials 30 September 2014 18:08 (UTC +04:00)

Baku, Azerbaijan, Sept.30

By Fatih Karimov - Trend: Housing in Iran is in recession due to high construction costs.

Farshi Pourhajat, the secretary of the national association of homebuilders, said according to data released by municipalities, construction of houses has dropped by 40 percent, Iran's Fars news agency reported on Sept. 30.

Each square meter of housing costs $250-$375 to construct, he noted.

Homebuilders are not inclined to take on large projects because of high construction costs, he said, adding that 2 million new houses should be built across the country.

Edited by CN

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