Forex Rates Impact Housing Market
EghtesadOnline: Head of the Planning and Housing Economy Office at the Ministry of Roads and Housing Development discussed the short- and long-term impacts of the recent foreign exchange market volatility on the housing market.
Ali Chegini added that the rise in foreign currency rates mean liquidity has exited the housing sector and gone to the currency market while increasing the price of construction materials. “But in the long run and as the fever in the foreign exchange market abates, the stacked capitals will gradually be redirected toward the housing market,” he was quoted as saying by the Persian weekly Tejarat-e Farda. According to Chegini, this would lead to price hikes in the housing market, Financial Tribune reported.
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