The Central Bank of Iran’s latest data on Tehran’s housing market show sales are picking up after a slump.
During the eighth fiscal month (Oct. 23-Nov. 21), a total of 7,304 homes were sold in Tehran, registering an increase of 33.5% compared with the preceding month and a 63.5% jump compared with the same month of last year.
Published on CBI’s website, the data also indicate that the average price of each square meter of a residential property in Tehran stood at 316.31 million rials ($1,090) during the month under review, showing a surge of 17.7% over last year’s same month, when average prices stood at 271.93 million rials ($937).
Home prices in the capital city increased by 1.2% compared to 316.31 million rials ($1,090) in the seventh month of the current year.
The CBI data show that during the month ending Nov. 21, residential properties up to five years old constituted the highest proportion of deals at 32% (or 2,335 deals), down by 6.9 percentage points compared with the same month of last year.
The lost share was added to homes with a lifespan of six to 10 years, 11 to 15 years and 16 to 20 years. They accounted for 22.8%, 14.2% and 18.3% of total deals compared with the same month of last year’s 17.5%, 12.1% and 17.7% respectively.
The distribution of dealt properties indicates that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 13.8%, which was followed by districts 10 and 2 with a share of 9% and 8.3%, respectively.
All-in-all, 10 districts (5, 10, 2, 4, 14, 7, 8, 1, 15 and 11) grabbed the lion's share of the deals at 72.4%, with the remaining 12 districts holding a 27.6% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 727.5 million rials ($2,507) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 145.2 million rials ($500). The aforesaid figures show a respective increase of 32.2% and 20.6% YOY.
Residential units with an average price range of 150 million rials ($517) to 200 million rials ($689) 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 ($861) per square meter with a share of 17% and homes priced at 250 million rials to 300 million rials ($1,034) per square meter with a share of 12.3%.
From the total number of deals, 61.6% belonged to homes cheaper than the average per-square meter price of the city (i.e., 320.1 million rials=$1,103).
Residential units with a floor area of 50-60 square meters registered the highest number of sales with a 16.1% share of total deals.
Units with an area of 60-70 and 70-80 square meters ranked second and third with a respective share of 15.7% and 12.3%. All-in-all, residential properties with an area of under 80 square meters had a 59% share of total deals.
The data indicate that Tehran’s homes worth between 10 billion rials ($34,470) and 15 billion rials ($51,706) were the most popular with an 18.9% share of total deals. These were followed by homes with a price tag of between 5 billion rials ($17,235) and 10 billion rials, as well as those priced at 15 billion rials to 20 billion rials ($68,941) with a respective share of 17.8% and 13.3% of total deals.
Collectively, homes valued under 20 billion rials had a 51.3% share of total home deals in Tehran during the eighth month of the current year.
The central regulator also reported changes in tenancy prices in the capital city and across urban areas.
According to CBI, prices of rented residential units in Tehran and across urban areas increased by 51.6% and 54.9% respectively during the eighth fiscal month compared with the corresponding month of last year.
