In Turbulent Tehran, It's Hard to Buy a Home at Any Price - Bloomberg

In Turbulent Tehran, It's Hard to Buy a Home at Any Price - Bloomberg:

"After a year of trying, Iranian real-estate agent Javad Baratloo had finally found a buyer for a large home and garden in central Tehran. A price was agreed and contracts prepared -- the only thing missing was the seller, who wasn’t answering his phone. When he did get in touch, it was to raise the price tag to 235 million rials a square meter. The purchaser agreed, but that wasn’t the end of it. “Now he’s asking for 250 million,” said an exasperated Baratloo, who’s employed by the Khaneh Bartar, or Superior Home, agency. “Until two to three months ago, sellers were chasing buyers. Now it’s the exact opposite.” Six other deals have fallen apart in a similar way this year, he said. In hard-currency terms, prices aren’t really rising -- it’s just that the Iranian rial has shed a fifth of its value against the dollar in a year, and Tehranis are looking for ways to protect their savings. It’s all largely a reflection of accumulating bad news in Iran, where a season of protests, the threat of further sanctions from the Trump administration and warring domestic political factions are taking their toll on economic sentiment."



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