( CNN ) -- In one of the most exclusive neighborhoods in northern Tehran , a Japanese-inspired garden with mini-waterfalls welcomes potential buyers to a newly built luxury apartment . The four bedroom , four bathroom unit boasts marble floors , a state of the art open kitchen , computerized lighting systems and amenities that rival five star hotels . It 's an apartment so posh visitors are required to wear sanitary shoe covers . With a market value close to $ 3.5 million , the need for guests to tread carefully is understandable . `` In my opinion it 's worth it , '' says real estate agent Bahar Khalili . `` It 's one of the best apartments in Tehran . An exceptional building designed by the best developer in the city . '' But for the past year this swanky home has sat empty without a buyer -- half the other units in the six-floor block are empty , too . So are tens of thousands of other apartments throughout Tehran , all for sale but sitting vacant without buyers . `` Right now we have a lot of apartments that are not sold and sitting empty because of high prices , '' says Khalili . Housing prices in Tehran soared beginning in 2012 , soon after western powers imposed the toughest round of economic sanctions against Iran to curb its disputed nuclear program . The sanctions were a huge blow to Iran 's economy and when the value of Iranian currency took a nose dive and no one could figure out where the economy was going , many here poured their money into real estate . According to political analyst , Mohammad Ali Shabani , `` real estate became the best way to protect your money . '' Khalili agrees with this sentiment . `` This is the safest investment you can make today , '' she said . `` Real estate has always increased in value . We have one apartment that 's increased roughly $ 1,000 per square meter in the past five months . `` If someone wants to invest in Tehran and knows what he 's buying , it 's almost ( a ) certainty that 's a good investment . '' But with Iran 's economic future still looking hard to predict and many Iranians lacking buying power , the market is at a standstill -- sellers not selling because they 're hoping prices go up . Buyers are not buying because they 're hoping prices go down . The outcome is a Tehran skyline full of empty apartments -- and investors still looking to buy and build despite very little demand . `` Sometimes you wonder how can people possibly build more apartments when nothing is selling , '' said Khalili . But remarkably , it 's happening in Tehran because until the economy improves and housing prices start to stabilize , they believe , real estate is the safest place to invest .
Luxury apartments in Tehran are lying empty despite investors looking to buy . Iran 's economy has been heavily affected by international sanctions . Buyers are hoping prices go down and sellers are hoping prices go up .