Housing prices continue rapid growth under Raisi administration

Central Bank statistics show that since Mordad of last year when Ibrahim Raisi’s administration began, the price per square meter of housing in Tehran has risen from around 30 million tomans to above 35 million tomans by Esfand 1400.

In recent days, media outlets close to the government reported on a sixfold increase in housing prices over the past four years, but made no mention of the rate of growth under Ibrahim Raisi’s administration.

Although the Central Bank has not yet released Farvardin statistics, details from last year’s data show that housing prices remained relatively stable from the beginning of last year until Tir, but from Mordad through Esfand of last year when Raisi’s government was in office, prices grew by 17 percent.

The price per square meter of housing at the end of 1396 was around 5 million and 760 thousand tomans, and by the end of years 97 through 99, it reached 9.5 million tomans, 14.5 million tomans, and 30 million tomans respectively.

The surge in housing prices was primarily due to a sharp decline in the value of the rial, which continued last year.

The average dollar exchange rate last year was 26 thousand and 500 tomans, representing approximately a 15 percent increase compared to 1399.

Over the past several years, many people have invested in the housing market, coins, and the stock market to prevent erosion of their rial-denominated assets. However, the stock market experienced a crash over the past two years, and on the other hand, the government approved and implemented a tax law on coins over the past three years.

Recently, the government has also begun collecting taxes on vacant homes.

Source: Radio Farda