First-class existing buildings are priced to yield only around 5% to an all-cash buyer, says research firm Green Street Advisors. (The return they talk about is rent minus the costs of operating and maintaining the building and leasing any empty space.) But a skillfully developed new property can bag an annual cash return of up to 10% of its construction costs.

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First, Iran's merchant class, who are firm supporters of the clerical establishment, are losing lucrative import-export contracts.

ECONOMIST: Iran