Part 3/9:
Originally, the program was intended to last just one year. However, its extension to July 2024 was motivated by two key factors: the importance of property as a stable investment in the face of Western sanctions and the lobbying by property developers who benefitted from the scheme. This not only safeguarded their businesses but also artificially inflated GDP statistics due to a remarkable 24% construction growth from 2020 to 2023.