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Minister says 600 housing units built in Iran by foreign capital

Minister of Housing and Urban Development Ali Abdolalizadeh said in Tehran on Sunday of the total 660,000 housing units built in the last Iranian year (ended March 20), 600 have been constructed using foreign capital, IRNA reported.

He told IRNA that ratification of the new foreign investments law has opened the way for investment in housing by foreigners and Iranian expatriates.

However, he said the amount of investments by foreigners in larger cities of Tehran, Shiraz and Mashhad is still insignificant.

He said the foreign investments is conduit for transfer of new and innovative technology and better quality workmanship to the sector.

"The housing ministry fully supports foreign investments in the sector," Abdolalizadeh underlined.

He further cautioned that the overall enthusiasm by foreign investors to commit capital largely depends on political, economic and social conditions prevailing in a country.

Abdolalizadeh said here Thursday that for every 113 families there are 100 housing units in the country. He also put the total housing units at around 12 million.

He told IRNA that over 13.5 million families live in these units. "Furthermore three million households share about 1.5 million housing units."

Also, 75 percent of families are home owners and the remaining 25 percent rent their place of residence, the minister added.

Abdolalizadeh said 140,000 'rental' and 'shared' housing units are under construction, 'of which 30,000 will be ready for delivery by the year's end (March 20, 2004)'.

Providing low cost housing to the public, notably to married couples is major preoccupation of government officials.

Abdolalizadeh said due to construction of high number of units, the demand for housing is gradually decreasing in the country.

The ministry has outlined plans to provide facilities for the youth enabling them to purchase housing and to allocate subsidies to developers to build less expensive units.

One million units will be offered to applicants annually in the next decade with the goal of balancing supply and demand for housing, he noted.

... Payvand News - 7/20/03 ... --

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