This paper empirically explores various efficiency aspects of real estate and construction companies in Iran in light of their remarkable growth in recent years. the technique used to measure the efficiency is DEA and the sample is taken from the construction and real estate companies in Iran. results from our analysis reveal that most of the real estate and construction companies in Iran are generally technical, scale and mix efficient. However, they are less cost efficient due to increasing higher cost of production. The sensitivity analysis results also suggest that the real estate and construction companies are experiencing diseconomies of scale. as Iran is an underdeveloped market and is currently one of the most interesting frontier markets in the world, this research contributes substantially to investors and multinationals (who have growing desire to gain exposure in this market) by providing current information about the efficiencies of real estate and construction companies in Iran. In addition, this research also provides some institutional voids on how to penetrate market environment in Iran through real estate development.

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Purpose -The purpose of this study is to investigate the determinants of returns on housing in Iran by analyzing capital appraisals, rents, and total returns. Design/methodology/approach -This study uses data from 28 provinces of Iran over the period of 2000-2007. Using generalized method of moments (GMM), the determinants of returns on housing in Iran are investigated. Findings -The empirical results indicate that in particular changes in inflation and population and to a lesser extent changes in unemployment and gross domestic product (GDP) are the important determinants of returns on housing. Practical implications -The findings imply that real estate investors in Iran can obtain higher returns from their housing investment if they invest in provinces that have positive changes in population, GDP and inflation and negative changes in unemployment rate. Originality/value -Most studies in this area cover US and European real estate markets (particularly office market). Since findings for developed countries might not be directly transferable to emerging market economies such as Iran, therefore, more work is necessary to obtain a clearer picture of real estate markets in emerging market economies.