Since January, Iran's housing sector has been in a long-awaited boom phase after a five-year recession — the longest dip in recent memory. But now the sector is in danger of sliding back into negative ground due to the sudden and massive price hikes across the country spurred by the ongoing currency crisis.
The Iranian economy — including the rial — has taken a beating since US President Donald Trump unilaterally withdrew from the Joint Comprehensive Plan of Action in May. As the currency plunged, volatility also spread to other markets, including property, which has seen continuous price jumps in recent months.