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Iranian Foundation Auctioned Off $259 Billion Worth of Real Estate

May 17, 2023
1 min read
Iran's Mostazafan Foundation auctioned off 340 real estate properties in the second half of the last Persian year ending in March at a total base price of 14 trillion tomans ($260 billion), new research shows
Iran's Mostazafan Foundation auctioned off 340 real estate properties in the second half of the last Persian year ending in March at a total base price of 14 trillion tomans ($260 billion), new research shows

Iran's Mostazafan Foundation auctioned off 340 real estate properties in the second half of the last Persian year ending in March at a total base price of 14 trillion tomans ($260 billion), new research shows.

The amount is equivalent to the entire budget of the Ministry of Communications and its affiliated organizations, seven times the budget of the Environment Organization, 80 percent of the Welfare Organization's budget.

The giant, opaque Mostazafan Foundation is under the supervision of Supreme Leader Ali Khamenei. 

An analysis of information available on the website of the foundation's Property and Real Estate Organization shows that the 340 properties offered for sale in five auctions were located in 17 provinces, both in urban and rural areas, the collaborative initiative Iran Open Data said on May 17.

About one-third (107) of the properties were located in Tehran province. 

It is unclear how much the properties were sold for, Iran Open Data said, but their base prices ranged from 100 million tomans ($1,800) for a 52-square-meter plot of land in the city of Asadiyeh in South Khorasan province to 1.385 trillion tomans ($25.6 million) for a several-hectare forest garden in Kelardasht, Mazandaran province.

Six years ago, the Economic Organization of the Mostazafan Foundation officially had more than 190 holdings in many economic sectors, including real estate, oil and gas, agriculture, food industry, manufacturing, tourism, construction, mining, banking and communication technology, Iran Open Data said.

However, there is no clear and transparent information available about the financial transactions, assets and properties of the foundation.

According to Iran Open Data, the foundation's 2016 financial report, published on its website, sets the value of its assets at more than 56 trillion tomans (over $1 billion). The income from the sale of goods and services was said to exceed 28 trillion tomans ($517 million) and 350 billion tomans ($6.4 million), respectively.

Officially, the price index of residential apartments has increased about 12-fold between 2016 and 2022. Assuming that the value of the foundation's assets has grown at the same rate, these assets could now exceed 650 trillion tomans ($12 billion), Iran Open Data said.

***

Iran Open Data's original article in Persian is available here.  

Founded in 2016, Iran Open Data (IOD) strives to make Iran’s official data accessible, available and re-usable. Not only does IOD collect and process raw datasets for researchers and experts, it also publishes exclusive data-driven articles and digital stories for the general public. Additionally, IOD conducts public data calls and surveys on often neglected or taboo issues that are rarely addressed by the government. Follow IOD for all the data-stories concerning Iran.

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