In Turbulent Tehran, It's Hard to Buy a Home at Any Price
- Market is frozen as sellers panic over slide in the currency
- Some buyers are heading to the banks after better rate offered
Commuters pass under neath tower blocks and faded banners depicting Iran's religious leaders while crossing a street in Tehran.
Photographer: Ali Mohammadi/BloombergAfter 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.