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60% of Iranians live as tenants

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Nearly 60 percent of Iran population rent houses for living
Nearly 60 percent of Iran population rent houses for living
Currently, 59 percent of Iran's population live as tenants, Deputy intelligence minister for municipal and city issues, Hamid Reza Saromi said, Iranian ISNA news agency reported.
This is while, according to Saromi, in developed countries, tenants amount to 30 percent of a country's total population.
Since Autumn of 2011, real estate prices in Iran's major cities, especially in Tehran, skyrocketed, turning developers into overnight millionaires.
The increase is in part due to a rise in the price of housing materials and land, which was triggered by a cut in fuel subsidies and a sharp drop in the Rial's value against foreign currencies.
Some economists say that the huge level of liquidity, which has reached 346 billion dollars is the main cause of the rise in housing prices.

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