ISNA: 50 to 100 Percent Increase in House Rentals in Tehran
While statistics from Iran’s Central Bank and Statistical Center report a 35 percent increase in rental prices in Tehran and 39 percent in Tehran’s suburbs and other cities, an investigation by the ISNA news agency shows that the actual growth in rental prices is at least twice these figures.
In recent months, numerous reports have indicated a remarkable surge in rental prices and the market’s disregard for the authorized ceiling of 25 percent rental increase in Tehran and 15 to 20 percent in other cities.
The ISNA news agency referred to a tweet by Rostam Qasemi, the proposed minister of Roads and Urban Development for President Ibrahim Raisi, who stated that “the first step in the housing sector is to remove the sharp blade of chaotic rents from the necks of vulnerable groups.”
The report adds that the market floor, especially in affluent and semi-affluent areas, indicates a 50 to 70 percent and sometimes 100 percent increase in rental prices.
ISNA writes that in the most sought-after area of Tehran’s housing market, namely District 5, the full mortgage rate for 50 to 70 square meter old units is at least 250 million tomans, and for units less than 5 years old, based on location and facilities, it reaches 300 to 400 million tomans.
The report adds that in East Tehranpars located in District 4, which also enjoys high demand for buying and renting, the full mortgage rate for 50 to 70 square meter units ranges between 200 to 350 million tomans depending on the age of the building and facilities. This is while last year, one could easily mortgage an apartment in Tehranpars for 100 to 150 million tomans.
ISNA writes that the rental market situation in south Tehran is also not favorable; so much so that due to population density, renting an old movable unit in Districts 14 and 15 requires paying at least 150 million tomans, which of course often lack complete amenities. Investigations show that the proposed rental rates have increased compared to early summer, and prices have even risen in the past two weeks.
Source: Radio Farda
