Iran's large middle class has been hit hard by the fallout from unprecedented U.S. sanctions, including the collapse of the national currency. Perhaps most devastating has been the doubling of housing prices.
This July 6, 2019 photo shows residential towers in District 22, that consists of apartment high-rises and shopping malls arranged around an artificial lake called Chitgar, under construction on the northwestern edge of Tehran, Iran. Iran’s large middle class has been hit hard by the fallout from unprecedented U.S. sanctions, including the collapse of the national currency. Perhaps most devastating has been the doubling of housing prices.
“Right now, this is the most difficult period ever,” said Alidadi’s 58-year-old mother, Shahla Allahverdi, reflecting on the Islamic Republic’s 40-year history as she shared a park bench with her daughter.The escalation — triggered by the Trump administration’s withdrawal last year from Iran’s 2015 nuclear deal with world powers — seems unstoppable, and European mediators trying to defuse the situation keep coming up short.
The Guard has been able to deepen its role in the economy, domestic politics and foreign policy under the guise of security, said Ellie Geranmayeh, a senior fellow at the European Council on Foreign Relations.Iran analyst Adnan Tabatabai said he believes Iranians are “reluctant to take their grievances to the street” for now, amid fear of further chaos and pushback by the authorities.
At the same time, construction lags far behind the need of 1.2 million new homes a year nationwide, said Hesam Oghabaei, deputy head of the Tehran association of real estate agents. He said about 25% of Tehran’s residents live in rented apartments, and the vast majority cannot afford the price increases.
One of Tehran’s newest areas, District 22, is under construction on the northwestern edge of the city. It consists of apartment high-rises and shopping malls arranged around an artificial lake called Chitgar.
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