Iranian Gov't Shifting Focus to Housing Sector

President Hassan Rouhani’s administration is focused on revitalizing the beleaguered housing sector and its intermediate sectors to get them out of their years-long recession, the minister of economic affairs and finance announced.

Financial Tribune – President Hassan Rouhani’s administration is focused on revitalizing the beleaguered housing sector and its intermediate sectors to get them out of their years-long recession, the minister of economic affairs and finance announced.

 “Various economic sectors, except the housing sector, have registered a positive growth rate and it is the policy of the government to create a boom in the sector, especially subsectors related to building materials and intermediate goods and move to foster exports in this sector,” Ali Tayyebnia was also quoted as saying by Shada, the official news service of the Economy Ministry.

An analysis by the research arm of the Iranian Parliament in late January revealed that the negative growth in the property market will persist all the way to the end of the current fiscal year in March 2018.

 “A look at statistics released by the Central Bank of Iran and the Statistical Center of Iran shows that the housing sector slipped into recession from March 20, 2012, and experienced negative growth rates ever since,” read the report by Majlis Research Center.

It added that this recession has persisted through 2015-16 and predictions show it will continue until the end of the year to March 20, 2018, implying that the housing sector’s slump has turned into a five-year downturn.

Financial Tribune
Publish Date: Apr 15, 2017