Tehran home prices continue to grow
Report suggests that Tehran home prices have grown by 16.9% in the first month of the fiscal year compared to figures from the preceding year’s the same month.
The average price of each square meter of a residential property in Tehran stood at 342.73 million rials ($1,224) during the first month of the current fiscal year (March 21-April 20), registering a 16.9% rise compared to the preceding year’s same month, when average prices stood at 293.23 million rials ($1,047).
The number of monthly home sales in Tehran have reached an 11-month low amid ever-rising prices, the Central Bank of Iran (CBI) announced.
New data released by CBI show a total of 3,427 homes were sold in the capital city during the first month of the current fiscal year (March 21-April 20), registering a 49.9% drop compared with the preceding month but a 63.7% increase compared with the same month of last year.
Home prices in the capital city decreased by 2.4% compared to 351.2 million rials ($1,254) in the 12th month of the previous fiscal year.
During the month ending April 20, residential properties up to five years old constituted the biggest proportion of deals at 28.7% (or 984 deals), down by 6.3 percentage points compared with the same month of last year.
The lost share was added to homes with a lifespan of 11-15 years and over 20 years. They accounted for 16.3% and 22% of total deals compared with the same month of last year’s 13.5% and 13.5% respectively.
The distribution of dealt properties indicates that among Tehran’s 22 districts, District 5 grabbed the biggest share of total deals at 15.6%, which was followed by districts 10 with a share of 10.7% as well as 2 and 4 each with a share of 8%, respectively.
Source: ICCIMA
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