Iran's middle class priced out of housing market
As housing costs in Iran see record increases, officials are exchanging blame.
The average housing price in Iran has increased nine-fold over the last five years, leaving Iranian families in distress while Iranian officials engage in a blame game.
The real estate sector has for decades been the main investment venue for Iranians. "Land never dies" goes the old Persian saying. Thus, the housing market and prices are prominent in the Iranian psyche. Ordinary Iranians wonder if they ever can save up enough to own their own homes, often tiny apartments in a crowded city like Tehran or Tabriz. If they do not own their residences, they rent. Iranian families who pay rent often spend 60-70% of their budget on housing alone. Any rent increase reduces their ability to purchase food items or pay for other services. As inflation and unemployment reduce average Iranian household incomes, an increase in housing prices and rents spells catastrophe for Iranian families.
