Housing prices in Iran increased by approximately 35% in the first two months of 1399
The Central Bank in its latest report released on Wednesday, June 7, stated that housing prices in the first two months of the current Iranian year increased significantly compared to the same period last year, and the number of housing transactions decreased.
The average housing price in Tehran during the first two months of 1399 increased by about 35% compared to the same period last year, and has tripled compared to the same period in 1397.
According to this report, the average price per square meter of housing in the first two months of 1397 was approximately 5.7 million tomans, which reached about 12 million tomans last year and peaked at 17 million tomans in Farvardin and Ordibehesht of this year.
This data is consistent with reports from the Ministry of Roads and Urban Development. Based on the latest report from this ministry, in Ordibehesht month, the total value of housing transactions in Tehran was 16,000 billion tomans. In Farvardin month, this figure was 17.8 trillion tomans.
According to Central Bank statistics, the number of housing transactions in the first two months of the year decreased by more than 19% compared to the same period last year and has nearly halved compared to Farvardin and Ordibehesht of 1397.
In Farvardin and Ordibehesht of this year, a total of 12,553 housing transactions were conducted in Tehran.
The 35% growth in housing prices over one year and the tripling of prices compared to Farvardin and Ordibehesht 1397 comes at a time when Iran’s Statistics Center in its latest report released last week assessed the inflation rate in the housing sector of the country for Ordibehesht month at only 23.7% compared to the same month last year.
The Central Bank report states that the distribution of the number of transactions conducted across different districts of Tehran in Ordibehesht 1399 indicates that among the 22 districts of Tehran, District 5 with a high share of 15% and District 3 of Tehran with a share of 4.4% had the highest and lowest number of housing purchase contracts respectively.
Also, the highest housing price was in District 1, where the price per square meter was approximately 34 million tomans, and the lowest price was 7.8 million tomans related to District 18.
The Central Bank of Iran also stated that housing rents in Tehran in the month of Ordibehesht increased by 28.5% compared to the corresponding period last year and more than 31% in urban areas.
Source: Radio Farda
