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Iran housing industry booming despite common belief: expert

Business Materials 15 August 2017 18:45 (UTC +04:00)

Tehran, Iran, Aug 15

By Mehdi Sepahvand –- Trend:

Despite the general belief in the country, housing industry of Iran is booming and more is expected to come, according to Masoud Hasrati, industry businessman.

“In the current fiscal year (since March 21), housing sector of Iran has been booming. The reasons for that can be summarized by the loans that the government as well as private banks have been giving, besides the fact that the government has been supportive of big housing projects,” he told Trend, Aug 15.

According to Hasrati, it is expected that hotel and shopping mall constructions will hugely increase the robustness of the industry for the next couple of years.

“This is happening already. We have started huge projects, including Iran Mall and Hypers in Tehran, Shiraz, Mashhad, and Isfahan.”

“Moreover, the country is in need of about 1,500 hotels. The new government approach is to attract tourists and we need hotels and similar places.”

Despite the hotel and similar type of construction projects, business in the housing sector of Iran was “hibernating” for four long years. This trend has ended from the beginning of the current fiscal year, as rents skyrocketed.

Experts say that within the four months of the current year, rents have increased nearly by 20 percent.

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