Housing Prices in Tehran Surge Over 118% in One Year
The Central Bank of Iran announced a rise exceeding 118% in the average price of buying and selling per square meter of residential units in Tehran in November 2020 compared to the same month in 2019.The Public Relations Office of the Central Bank of Iran released this news in a report on developments in Tehran’s housing market for November, which was published on Thursday, December 27.
According to the report, the average price of buying and selling per square meter of residential units traded through real estate brokerage firms in Tehran in November of the current year was 271.9 million rials, representing an increase of 1.8% compared to the previous month and 118.2% compared to the same month last year.
The Central Bank of Iran also reported that an examination of developments in Tehran’s housing transaction market for November 2020 indicates a slowdown in the rate of housing price growth in the city compared to October of the current year.
The number of residential apartment transactions in Tehran in November 2020 reached 4,500 residential units, showing a 48.4% decrease compared to the previous month and a 9.9% increase compared to the same month last year.
The monthly inflation of the average housing transaction price rate in October compared to September 2020 was 10%, which decreased to 1.8% in November this year compared to October of the current year.
The Central Bank announced that this development is an indication of a slowdown in the rate of housing price growth in Tehran in November compared to October of the current year.
The report on developments in Tehran’s housing transaction market for November 2020 is derived from raw data from the country’s real estate transaction registration system, which is prepared and published by the Central Bank’s Office of Economic Reviews and Policies.
Source: Radio Farda
