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 283.89 million rials ($1,108) during the month under review, showing an increase of 97.2% over last year’s same month as average prices were registered at 143.97 million rials ($562) then.
Home prices in the capital city increased by 3.7% compared to 273.86 million rials ($1,069) in the 10th month of the current fiscal year.
Details of Property Deals
The CBI data also show that during the month ending Feb. 18, newly-built residential properties up to five years old constituted the highest proportion of deals at 39.4% (or 1,545 deals), down by 3.8 percentage points compared with the same month of last year.
That lost share was added to homes that were 11 to 15 years old and those above 20 years. Homes with a lifespan of 11 to 15 years and those above 20 years accounted for 14.4% and 12.6% of total deals compared with the same month of last year’s 12.6% and 9.6%, respectively.
The share of deals involving homes that were six to 10 years old and 16 to 20 years old decreased from 18.2% and 16.3% of the total deals of last year’s same month to 17.5% and 16.1% this year.
The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 13.5%. It was followed by districts 10 and four with a share of 8.7% and 8.1%, respectively.
All-in-all, 10 districts (five, 10, four, two, 14, 15, seven, eight, one, and 11) grabbed the lion's share of the deals at 70.9% with the remaining 12 districts holding a 29.1% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 589.9 million rials ($2,304) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 119.9 million rials ($468). The aforesaid numbers show a respective increase of 110.1% and 67.5% YOY.
Residential units with an average price range of 160 million rials ($625) to 180 million rials ($703) per square meter were the most popular in Tehran during the Iranian month under review, as they grabbed a 7.5% share of all deals.
They were followed by units priced at 140 million rials ($546) to 160 million rials per square meter with a share of 6.8% and homes priced at 200 million rials ($781) to 220 million rials ($859) per square meter with a share of 6.7%.
From the total number of deals, 61.3% belonged to homes cheaper than the average per-square meter price of the city (i.e., 283.9 million rials or $1,108).
Residential units with a floor area of 60-70 square meters registered the highest number of sales with a 15% share of total deals.
Units with an area of 50-60 square meters and 70-80 square meters came second and third with a share of 14.6% and 11.7%, 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 ($23,437) and 8.5 billion rials ($33,203) were the most popular with a 13.4% share of total deals. These were followed by homes with a price tag of between 8.5 billion rials and 11 billion rials ($42,968) and those priced between 11 billion rials and 13.5 billion rials ($52,734) with a share of 10.1% and 8.3% of total deals respectively.
Collectively, homes valued under 18.5 billion rials ($72,265) had a 53.2% share of total home deals in Tehran during the 11th month of the current year.
11-Month Perspective
During the first 11 months of the current Iranian year (March 19, 2020-Feb. 18), the number of home deals finalized in Tehran totaled 78,030, which shows a 6.4% rise year-on-year.
In the same period, the average price of each square meter of a home in the capital stood at 232.83 million rials ($909), signaling a YOY surge of 78.9%.
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 30.6% and 33.9% respectively during the 11th month of the current Iranian year compared with the corresponding month of last year.