Tehran Home Prices Surge 71% in 2018-19

EghtesadOnline: Latest figures provided by the Planning and Housing Economy Office of the Ministry of Roads and Urban Development show the average price of each square meter of a home in Iran's capital city, Tehran, stood at 82.41 million rials ($588) in the last Iranian year (ended March 20, 2019), signaling a year-on-year surge of 71.1%.

News ID: ۷۴۷۰۵۴

14 April 2019

This is while a total of 130,396 home deals were signed during the period under review, which is 29.2% fewer compared to the preceding year, Mehr News Agency reported.

The report also shows the average price of each square meter of a residential unit in Tehran stood at 110 million rials ($785) during the final Iranian month of last year (Feb. 20-March 20, 2019), registering a 95.4% increase compared with the previous year's similar month.

The number of home sales in the capital city increased by 3.9% year-on-year during the one-month period to stand at 13,033, according to Financial Tribune.

The distribution of the deals shows that among Tehran's 22 districts, District 5 grabbed the highest share of total deals with 1,905, as District 19 had the lowest with 63.

Among Tehran's 22 districts, District 1 registered the highest average home price at 245.55 million rials ($1,753) per square meter, followed by District 3 with 193.46 million rials ($1,381) per square meter and District 2 with 169.03 million rials ($1,207) per square meter.

District 20 offered the capital city's cheapest home with average per-square meter price standing at 44.7 million rials ($319).

The average per-square meter price in districts 20, 19, 18, 17, 16 and 12 was under 60 million rials ($428).

A more comprehensive report on the state of Tehran's housing sector is published by the Central Bank of Iran following the Planning and Housing Economy Office's.

CBI's latest such report showed that the number of home deals finalized in Tehran during the 11 months to Feb. 19 totaled 113,984, down 32.5% compared with the corresponding period of the preceding year

In the same period, the average price of each square meter of a home in the capital stood at 79.63 million rials ($568), signaling a year-on-year surge of 68.8% year-on-year.

The CBI report also showed home sales in Tehran registered a 39% increase in the month to Feb. 19 YOY.

The number of sale was 49.2% lower compared with last year’s same month.

A total of 9,343 homes were sold in Tehran during the 11th month of the year compared with 6,721 home deals in the previous month and 18,392 in the similar month of the fiscal 2017-18.

The hike in home prices in the capital city continued their upward trend in the penultimate month of last year both compared with the preceding month and the similar month of last year.

The average price of each square meter of a residential unit in Tehran stood at about 99.67 million rials ($712) during the month, showing a YOY surge of 85.1%.

Home prices in the capital grew by 1.7% compared with the 10th month of last year.