Data published by the Central Bank of Iran on its website also indicate that the average price of each square meter of a residential property in Tehran stood at 271.93 million rials ($1,083) during the month under review, showing a surge of 118.2% over last year’s same month, as prices averaged 124.63 million rials ($496) then.
Home prices in the capital city increased by 1.8% compared to 267.2 million rials ($1,064) in the seventh month of the current year.
The CBI data also show that during the month ending Nov. 20, newly-built residential properties up to five years old constituted the highest proportion of deals at 38.9% (or 1,736 deals), down by 3.1 percentage points compared with the same month of last year.
The lost share was added to homes above 15 years. Homes with a lifespan of 16 to 20 years and above 20 years accounted for 17.7% and 13.8% of total deals compared with the same month of last year’s 16.4% and 9.2%, respectively.
The share of deals involving homes that were six to 10 years and 11 to 15 years old decreased from 18.9 and 13.5% of the total deals of last year’s same month to 17.5% and 12.1% this year.
The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 12.1%. It was followed by districts 10 and four with a share of 8.6% and 8.4%, respectively.
All-in-all, 10 districts (five, 10, four, two, 14, seven, eight, 15, 11 and one) grabbed the lion's share of the deals at 70.4% with the remaining 12 districts holding a 29.6% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 550.1 million rials ($2,191) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 120.4 million rials ($479). The aforesaid numbers show a respective increase of 134.3% and 99% YOY.
Residential units with an average price range of 140 million rials ($557) to 160 million rials ($637) per square meter were the most popular in Tehran during the Iranian month under review, as they grabbed an 8.6% share of all deals. They were followed by units priced at 160 million rials ($637) to 180 million rials ($717) per square meter with a share of 7.3% and homes priced at 120 million rials ($478) to 140 million rials ($557) per square meter with a share of 6.9%.
From the total number of deals, 62.1% belonged to homes cheaper than the average per-square meter price of the city (i.e., 271.93 million rials or $1,083).
Residential units with a floor area of 60-70 square meters registered the highest number of sales with a 15.2% share of total deals.
Units with an area of 50-60 square meters and 70-80 square meters ranked second and third with a share of 15.1% and 12.1%, respectively. All-in-all, residential properties with an area of less than 80 square meters had a 57.2% share of total deals.
CBI data further show that Tehran’s homes worth between 6 billion rials ($23,904) and 8.5 billion rials ($33,864) were the most popular with a 13.5% share of total deals. These were followed by homes with a price tag of between 8.5 billion rials ($33,864) and 11 billion rials ($43,824), and those priced at between 11 billion rials ($43,824) and 13.5 billion rials ($53,784) had a respective share of 10.6% and 9.5% of total deals.
Collectively, homes valued under 18.5 billion rials ($73,705) had a 55% share of total home deals in Tehran during the eighth month of the current year.
Eight-Month Perspective
During the first eight months of the current Iranian year that started on March 20, the number of home deals finalized in Tehran totaled 68,043, which shows a 70.7% rise year-on-year.
In the same period, the average price of each square meter of a home in the capital stood at 216.79 million rials ($863), signaling a YOY surge of 70.9% compared with the eight months of last year.
Tenancy in Urban Areas
The central regulator also reports changes to tenancy prices in the capital city and across the urban areas.
According to CBI, the price of rented residential units in Tehran and across urban areas increased by 28.7% and 31.9% respectively during the eighth month of the current year compared with the similar month of last year.
Housing, Utilities Inflation at 23.6%
The average goods and services Consumer Price Index of housing and utilities (water, electricity and gas) in the 12-month period ending Nov. 20, which marks the end of the eighth Iranian month, increased by 23.6% compared with last year’s corresponding period.
According to the Statistical Center of Iran, the CPI of the housing and utilities among 12 groups of the basket of consumer goods and services purchased by households stood at 205.8 in the period, indicating a 1% increase compared with the month before.
The group’s CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 26%.
The overall average goods and services Consumer Price Index in the 12-month period ending Nov. 20 increased by 29% compared with the corresponding period of the last year.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Oct. 21, at 27.2%.
The consumer inflation for the month under review registered an increase of 46.4% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending Oct. 21 was 41.4%.
The overall CPI (using the Iranian year to March 2017 as the base year) stood at 275 last month, indicating a 5.2% rise compared with the month before. Month-on-month consumer inflation was 7% for the preceding month (Sept. 21-Oct. 21.)
SCI put average annual inflation for urban and rural areas at 29% and 28.8%, respectively.
CPI registered a year-on-year increase of 45.7% for urban areas and 50.3% for rural areas in the month ending Nov. 20.
The overall CPI reached 272.6 for urban households and 288.6 for rural households, indicating a month-on-month increase of 4.7% and 7.6% for urban and rural areas, respectively.