Designing a real estate financing model based on the capacity of the National Housing Fund
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Designing a real estate financing model based on the capacity of the National Housing Fund

Document Type : Original Article

Authors
mohammadreza esmaili 1
Hossein Barihi 2
1 Assistant Professor, Department of Economics, Allameh Tabatabaei University, Tehran, Iran
2 Graduate of financial management , Department of Islamic studies and management, Imam Sadiq University, Tehran, Iran
10.22034/jse.2025.12557.2357
Abstract
Iran's housing crisis, driven by high inflation and inefficiencies in traditional financing systems, necessitates redefined financial mechanisms and innovative models. While advancements in financial knowledge and technology have introduced diverse tools in financial markets—each addressing specific challenges—their effective use requires oversight from a centralized institution to determine the timing, resource allocation, and implementation stages of housing projects. This institution would coordinate these tools to optimize resource distribution and enhance financing system dynamism.
This research examines existing financial instruments through content analysis and expert interviews, concluding that current tools lack efficiency in Iran’s economic climate due to inflation and the absence of an integrated institutional framework. The proposed model centers on the **National Housing Fund** (established under the 2021 Housing Production Leap Law) as a pivotal institution. It integrates multi-market financial tools, such as public-private partnerships, lease-to-own contracts, and foreign investment participation, within a unified framework.

Key findings indicate that this hybrid approach—combining institution-building with simultaneous use of diverse financial instruments—not only mitigates the housing crisis but also incentivizes private sector engagement through profit-driven participation. Mechanisms like the "finance supply chain" enable households to address housing needs through future income streams rather than relying solely on past savings. Additionally, reducing fiscal pressure on the government allows concurrent execution of large-scale developmental projects. By fostering coordination between public and private stakeholders, the model aims to balance supply-demand dynamics and establish a sustainable housing finance ecosystem.
Keywords
Real estate financing
joint-stock project company
reit
national housing fund
financial instruments
Subjects
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Quarterly Journal of Securities Exchange
Volume 18, Issue 71
Autumn 2025
Pages 77-110