| Construction In Iran |
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The annual Turnover in the construction industry amounts to US$38.4 billion. Statistics from March 2004 to March 2005 put the number of total Iranian households at 15.1 million and the total number of dwelling units at 13.5 million, signifying a demand for at least 5.1 million dwelling units. Every year there is a need for 750,000 additional units as young couples embark on married life. At present, 2000 units are being built every day although this needs to increase to 2740 units. In addition, Iran’s geographical position over a Seismic belt necessitates the reinforcement and Renovation of housing in Iran. This is possible only through a boom in real-estate development and foreign investment. Restoration of old buildings is one of the priorities for the Government Of Iran . Estimates show that about US$143 billion needs to be allocated in the next 10 years for restoration of 14,000 meters of critically decaying buildings. The government will earmark 11.5 per cent of the funding while the rest will be supplied by public investment and bank loans. COMPETITIVE ENVIRONMENT The housing industry is one of the few segments of the Iranian economy where state capital shares as little as two per cent of the market, and the remaining 98 per cent is Private Sector investment. There is little red tape or hurdles and, as a result, through launching mass development projects, the use of new Technologies and fast-pace project execution, a larger portion of the housing market is accessible. This is also true for new construction Materials and technological advances. Thousands of foreign firms, mainly Chinese or European , have established agents in Iran or partnerships with domestic manufacturers, both investing directly in the housing market and targeting other Persian Gulf markets. FACTS & FIGURES (2003)/(1379-1380) Construction is one of the most important sectors in Iran accounting for 20 – 50% of the total private investment. One of the prime investment targets of well off Iranians as tangible. Housing:
Industry:
Government:
Construction Material: Problems:
Latest development:
Opportunities for foreign companies: See Also: Foreign Direct Investment in Iran
The Iran construction market is potentially ripe for the import of construction material to accommodate local demands. According to the statistics presented by the Iran Imports Book, which is published by the Islamic Republic of Iran Customs Office, Iran’s major imported items include:
Other imported items are: Glass , Timber Flooring , Lighting , paint, electrical and Electronic fittings and accessories, Lock , key hardware and Aluminum for façade design. SEE ALSO
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