The average goods and services Consumer Price Index of “housing and utilities (electricity, water and gas)” in the 12-month period ending Sept. 22, which marks the end of the sixth Iranian month of the fiscal 2021-22, increased by 26.9% compared with last year’s corresponding period.
The group’s CPI, which has the biggest impact on total inflation rate with a coefficient of 35.5%, stood at 245.8 in the month to Sept. 22, indicating a 4.2% rise compared with the month before.
Its year-on-year inflation for the month under review was put at 26.1% by the Statistical Center of Iran.
According to an earlier SCI report, CPI measured for the housing sector (sales) in urban areas stood at 244.8 in the second quarter of the current Iranian year (June 22-Aug. 22), indicating an 8% rise compared with the previous quarter and a 24.9% growth over the same quarter of last year.
SCI had put the quarter-on-quarter and year-on-year housing inflation rate for the preceding quarter at 3.6% and 29.3%, respectively.
The average annual housing CPI increased by 27.9% in Q2 compared with the similar quarter of last year. SCI had put annual housing inflation rate for the preceding quarter at 29%.
CPI calculated for maintenance and repair services of residential units, including plumbing, plastering, home electrification and insulation services, in urban areas stood at 312.3 in Q2, indicating a 7.1% rise compared with the previous quarter and a 44.5% growth over the same quarter of the year before.
SCI had put the quarterly and year-on-year maintenance and repair services’ inflation rate for the preceding quarter at 11.1% and 51.9%, respectively. This is while CPI for maintenance and repair services increased by 45.8% in the four-quarter period ending Sept. 22. SCI had put annual maintenance and repair services’ inflation rate for the preceding quarter at 43.1%.
Latest data released by the Central Bank of Iran show the average price of each square meter of a residential property in Tehran stood at 317.03 million rials ($1,172) during the month under review, showing a surge of 30.5% over last year’s same month. Home prices in the capital city grew by 2.4% compared with the fifth month of the current year.
Among Tehran's 22 districts, District 1 registered the highest average home price of 689.1 million rials ($2,549) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 150.3 million rials ($556). The aforesaid numbers show a respective increase of 35.7% and 44.3% YOY.
Residential units with an average price range of 150 million rials ($554) to 200 million rials ($739) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 16.3% of all deals. They were followed by units priced at 200 million rials to 250 million rials ($924) per square meter with a share of 16% and homes priced at 250 million rials to 300 million rials ($1,109) per square meter with a share of 12.9%.
From the total number of deals, 59.4% belonged to homes cheaper than the average per-square meter price of the city (i.e., 317 million rials=$1,172).
Residential units with a floor area of 60-70 square meters registered the highest number of sales with a 15.1% share of total deals.
Units with an area of 50-60 and 70-80 square meters ranked second and third with a respective share of 14.7% and 11.8%. All-in-all, residential properties with an area lower than 80 square meters had a 56.3% share of total deals.
CBI data further show that Tehran’s homes worth between 10 billion rials ($36,995) and 15 billion rials ($55,493) were the most popular with an 18.2% share of total deals. These were followed by homes with a price tag of between 5 billion rials ($18,497) and 10 billion rials, and those priced at 15 billion rials to 20 billion rials ($73,991) had a respective share of 17.6% and 12.6% of total deals.
Collectively, homes valued under 20 billion rials had a 50.1% share of total home deals in Tehran during the sixth month of the current Iranian year.
