The significant recession that ruling the real estate market since 2014 and the decrease in the housing prices in some regions which drives by the excess supply could be handled by the government. The government can stimulate the real demand in this sector by implementing suitable measures and take a step in order for the entire society to own a house. As one of the most important measures in this regard we can point out the formation the earlier Iranian Fund which is established by Maskan Bank in order to allocate housing facilities up to 800 million Rials for all applicants and up to 1600 million Rials for those applying for their first housing. A measure that officials were hoping would open up the real estate market and fuel the demand in this sector.
Obtaining facilities for purchasing a residence and housing joale takes place in two ways, one by making a bank deposit without any interest at the Maskan Bank and expecting a loan, which was not welcomed strongly by the applicants, and the other method through purchasing housing mortgage right at Farabourse. The second methods which seems to be the only way to own a house for the applicants, necessitates that for every 5000 thousand Rials of housing facilities, a housing mortgage right for using such facilities should be purchased regardless of its maturity date. Now the most important problem facing the applicant for buying a house is the significant increase in the price of these notes in the market. The price of these notes on average has reached from the level of 77 thousand Tomans per each housing mortgage right to the level of 1000 thousand Rials, which implies that right at the beginning the applicants should spend 20 percent of the amount of the facilities purchasing these rights. Moreover, these facilities were granted to the applicants with a rate of 13 percent in the past, however following the decision to reduce interest rate of bank deposits and subsequently the rate on granted facilities, the rates on the mentioned Fund and the Javanan Fund was diminished to 11 percent.
Since the most important purpose of such facilities is for the low income segment of the society to own housing and despite the help of the Maskan Bank in reducing the monthly installments to 10 percent, however the effective rate is still high which is in clear contrast to the goals of facilitating the purchasing of property. On the other hand, considering the diminishing outlook of the interest rate and the constant recession of the real estate market, it seems logical that the applicants themselves postpone their demand to purchase house.
In order to resolve the above mentioned problems, the officials decided to diminish some of the limitations that exist in buying and selling of housing facilities in the Farabourse market. Since these rights were tradable in the market for a maximum of two years and this limitation resulted in a reduced supply of those, therefore with the consent of the Farabourse this time limit was extended to six months. In addition, in order to prevent any speculation in these rights, buyers will not be able to sell them in Farabours for two months after the purchasing date. However, in order to have a better influence on supply, this limitation has been lifted for the three maturity dates that are going to be expired. Finally, it seems that until any changes occur in the interest rate mechanism of such facilities, one cannot imagine any clear outlook for the effectiveness of these facilities over the flourishing of the market and people’s ability to own housing.