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Iran Residential Building (Design & Construction) Industry Analysis
The construction industry is one of the most important sectors in Iran's economy, with the new residential buildings construction projects industry being a significant part of it. The country has seen a steady growth in the construction sector in recent years, driven mainly by the demand for new housing units, urbanization, and population growth. According to the World Bank, the construction sector contributed around 10.1% to the country's Gross Domestic Product (GDP) in 2020.
The Iranian government has been taking several measures to promote the construction industry, including tax exemptions and subsidies. In recent years, the government has also encouraged foreign investment in the construction sector, allowing foreign companies to participate in large-scale projects.
However, the industry has been facing some challenges in recent years. One of the significant challenges has been the economic sanctions imposed by the United States, which have made it difficult for Iranian companies to import construction materials, machinery, and equipment. This has led to delays in project completion and increased costs.
Another challenge is the COVID-19 pandemic, which has affected the construction industry globally. In Iran, the pandemic has resulted in a decline in demand for new residential buildings due to the economic downturn caused by the pandemic.
Despite the challenges, the industry outlook for the new residential buildings construction projects in Iran is positive. The demand for new housing units is expected to remain high due to population growth and urbanization, and the government's efforts to promote the industry are likely to attract foreign investment. The Iranian government has also announced plans to build around 400,000 new housing units by 2022, which is expected to boost the construction industry.
In conclusion, while the new residential buildings construction projects industry in Iran has faced several challenges, the overall outlook remains positive due to the government's support and the high demand for new housing units. The industry is expected to continue to grow, attracting foreign investment and contributing significantly to the country's economy.
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