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Designing a Financing Model for Housing Projects in Iran
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Mojtaba Darvishi1   , Omid Mahmoudi Khoshroo *2 , Mahmoud Rahmani1 |
1- Department of Management, Sa.C., Islamic Azad University, Sanandaj, Iran
2- Department of Accounting, Sa.C., Islamic Azad University, Sanandaj, Iran , 3732358070@iau.ac.ir |
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Abstract: (12 Views) |
Recent structural, functional, and economic transformations in Iran’s housing sector have made housing finance a major concern for households and policymakers. Despite occasional increases in housing-loan purchasing power, Iran’s loan-to-value ratio remains below that observed in many countries. Although several mechanisms have been proposed, their effectiveness has not been fully demonstrated. Crowdfunding, in various forms, is a proposed approach to financing housing projects. Accordingly, this study seeks to identify appropriate financing models for housing projects in Iran, select the most suitable model, and specify its constraints and critical success factors. The overall objective is to develop a financing model that is compatible with Iran’s current economic and institutional conditions.
Given the multidimensional and applied nature of the research problem, pragmatism was adopted as the philosophical foundation. The study employed an exploratory sequential mixed-methods design. In the first phase, a review of the relevant literature was combined with a fuzzy Delphi technique involving 20 experts in housing policy, finance, and construction. This phase identified, refined, and screened the components and indicators required for the proposed model. In the second phase, the validated outputs of the qualitative phase were used as inputs for the Analytic Hierarchy Process (AHP) to rank financing alternatives and determine their relative weights.
The findings provide a structured representation of feasible financing models, their implementation barriers, and their success factors. The proposed framework supports evidence-based selection of an appropriate housing-project financing model under prevailing conditions in Iran. It also offers practical guidance for banks, financial institutions, developers, and public decision-makers seeking to diversify funding sources, improve resource allocation, manage project risks, and expand access to housing finance. By integrating expert consensus with multi-criteria analysis, the study contributes to management and banking literature on housing finance in emerging economies.
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| Keywords: Housing Finance, Housing Projects, Crowdfunding, Financing Model. |
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Full-Text [PDF 563 kb]
(5 Downloads)
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Article type: Research |
Subject:
General
Received: 2026/08/25 | Accepted: 2026/08/31 | Published: 2027/08/14
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