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Commentary :: Poverty & Urban Development

"Axis of Evil" Remark Slams Iran Property Values

"Axis of Evil" Remark Slams Iran Property Values

TEHRAN - Iranian real-estate agents are enraged over U.S. President George Bush's inclusion of Iran in his "Axis of Evil." According to Tehran Coldwell Banker's Mohammed Abdullah, the market in Tehran's upscale suburban district is reeling. "Three months ago, a nice a European-style duplex on a half-acre sandlot with low mortar shell damage would go for upwards of $8,000," said Abdullah. "Now I'm lucky if I can get six-five, six-six for it." Abdullah says despite the recent setbacks, Tehran remains an attractive market for first time homebuyers: "I'm talking high-quality construction -- 30-40% of the walls intact, and a spacious walk-in goat pen."

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