An employee works at a residential building, currently under construction, in northern Tehran May 17, 2008. Negar Ehteshami just paid the equivalent of $6 million in rials in cash for a luxurious apartment. But it is not in New York or London. It is in the capital of the Islamic Republic of Iran. Hers is a tale with echoes in much of the West: a house price surge fuelled partly by easy lending. Picture taken May 17, 2008. To match feature IRAN-HOUSING/ REUTERS/Morteza Nikoubazl (IRAN) - RTX68C7

Iran's housing crisis aggravated by reluctant sellers

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An employee works at a residential building, currently under construction, in northern Tehran May 17, 2008. Negar Ehteshami just paid the equivalent of $6 million in rials in cash for a luxurious apartment. But it is not in New York or London. It is in the capital of the Islamic Republic of Iran. Hers is a tale with echoes in much of the West: a house price surge fuelled partly by easy lending. Picture taken May 17, 2008. To match feature IRAN-HOUSING/ REUTERS/Morteza Nikoubazl (IRAN) - RTX68C7

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