Housing price record broken in Iran
On Tuesday, June 8, the Central Bank of Iran released a report announcing a 26 percent increase in housing prices in Tehran in May of this year compared to the same month last year.
The details of this report show that the average price per square meter of housing in Tehran reached a historic record of 36,351,000 Tomans last month.
Housing prices have also increased by more than six percent compared to April.
It seems that the acceleration in housing price growth is related to the rapid appreciation of the exchange rate in Iran's free market and the fall of the rial.
The dollar rate rose from 26,000 tomans at the beginning of Farvardin to 30,000 tomans at the end of Ordibehesht. The dollar rate in Iran's free market is currently 32,000 tomans.
The significant drop in the value of the rial has caused capital to flow into the housing market; Central Bank statistics show that over 10,000 residential units were traded in Tehran last month, a 206 percent increase compared to April this year.
In May last year, less than four thousand housing units were traded in Tehran.
Source: Radio Farda
