Iran's economic situation worsens housing crisis

Iran's Real Estate Consultants Association says a significant number of housing developers have migrated to Turkey and Georgia, warning of the impact on the local economy.

“The more we boost the property market of foreign countries, the same amount of dollars will leave our country, and this is very dangerous for our country in the future,” Vice President of the Association, Davoud Beiginejad, said on Sunday.

The economic situation in Iran has been deteriorating for some time, with high inflation, a weak currency, and a lack of investment opportunities. Housing developers, who rely on the construction industry for their livelihood, have been hit particularly hard. With no end in sight to the economic crisis, many developers are looking for greener pastures abroad.

On the contrary, official figures in Turkey indicate a boost to the construction industry as well as rising sales of housing to foreign citizens.

Despite the strong earthquake of February this year in Turkey, which killed more than 50,000, during the first five months of this year, 16,779 residential units were sold to foreign citizens, 14 percent of whom were Iranians.

The lack of social and economic opportunities in the country has left many feeling disconnected and isolated, causing many to look for a better life elsewhere.