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 300.44 million rials ($1,173) during the month under review, showing a surge of 43.7% over last year’s same month, as average prices reached 209.09 million rials ($816).
Home prices in the capital city grew by 1.3% compared to 296.73 million rials ($1,159) in the third month of the current year.
Details of Property Deals
The CBI data also show that during the month ending July 22, newly-built residential properties up to five years old constituted the highest proportion of deals at 33.5% (or 1,698 deals), down by 5.1 percentage points compared with the same month of last year.
That lost share was added to homes with a lifespan of six to 10 years, 11 to 15 years, 16 to 20 years and above 20 years. They accounted for 21.5%, 14.5%, 17.4% and 13.1% of total deals compared with the same month of last year’s 19.3%, 13%, 17% and 12.2%, respectively.
The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 14.4%. It was followed by districts 10 and 2 with a share of 10.4% and 9.6%, respectively.
All-in-all, 10 districts (five, 10, two, four, 14, one, seven, eight, 15 and 11) grabbed the lion's share of the deals with 73.7%, while the remaining 12 districts held a 26.3% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 620.3 million rials ($2,423) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 134.4 million rials ($525). The aforesaid numbers show a respective increase of 36.9% and 39.6% YOY.
Residential units with an average price range of 150 million rials ($586) to 200 million rials ($781) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 17.2% of all deals. They were followed by units priced at 200 million rials to 250 million rials ($976) per square meter with a share of 15.3% and homes priced at 250 million rials to 300 million rials ($1,171) per square meter with a share of 12.8%.
From the total number of deals, 59.5% belonged to homes cheaper than the average per-square meter price of the city (i.e., 300.4 million rials).
Residential units with a floor area of 50-60 square meters registered the highest number of sales with a 15.4% share of total deals.
Units with an area of 60-70 and 70-80 square meters came second and third with shares of 13.9% and 11.6%. All-in-all, residential properties with an area of less than 80 square meters had a 55.3% share of total deals.
CBI data further show that Tehran’s homes worth between 5 billion rials ($19,531) and 10 billion rials ($39,062) were the most popular with a 19.1% share of total deals. These were followed by homes with a price tag of between 10 billion rials and 15 billion rials ($58,593), and those priced at between 15 billion rials and 20 billion rials ($78,125) with a share of 17.4% and 11.9% of total deals.
Collectively, homes valued under 20 billion rials had a 51% share of total home deals in Tehran during the fourth month of the current year.
Urban Tenancy
The central regulator also reported changes in 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 34.9% and 38.7% respectively during the fourth month of the current Iranian year compared with the corresponding month of last year.