In Iran, the housing sector — which accounts for a hefty 35% of all household expenses — has since 2011 been in the grip of its worst recession in recent history. Indeed, it was the only sector not to rebound after sanctions were lifted with the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016. But long-awaited gradual signs of a comeback have been seen in the past year, though prospects of a full recovery are now in thrall of developments in other Iranian markets, which are closely tied to the fate of the nuclear deal.
According to the Statistical Center of Iran, the construction sector — which includes residential units and other buildings and infrastructure — began registering positive growth rates from the start of the previous Iranian year beginning March 20, 2017. Furthermore, permits issued for the construction of residential units indicated growth that was not considerable on a countrywide scale, but was more accentuated in the capital Tehran, which saw a 10.6% hike.