The number of home sales in Tehran hit a 22-month high in the third month of the current fiscal year (May 22-June 21), new data released by the Central Bank of Iran show.
According to CBI, a total of 13,874 homes were sold in the capital city during the third month of the current fiscal year (May 22-June 21), registering a 32.3% jump compared to the previous month and a 151.9% rise compared with the corresponding month of the previous year.
The report also shows prices reached an all-time high. The average price of each square meter of a residential property in Tehran stood at 394.15 million rials ($1,288) during the month under review, registering a 32.8% rise over the preceding year’s same month, when average prices stood at 296.74 million rials ($969).
Home prices in the capital city increased by 8.4% compared with 363.52 million rials ($1,187) in the third month of the current fiscal year.
During the month ending June 21, residential properties up to five years old constituted the biggest proportion of deals at 30.1% (or 3,100 deals), down by 5.7 percentage points compared with the same month of last year.
The lost share was added to homes with a lifespan of 11-15 years and over 20 years. They accounted for 16% and 20.5% of total deals compared with the same month of last year’s 13.7% and 13% respectively.
The distribution of dealt properties indicates that among Tehran’s 22 districts, District 5 grabbed the biggest share of total deals at 14.4%, which was followed by District 2 with a share of 9.6% as well as District 10 with a share of 9%.
All-in-all, 10 districts (5, 10, 2, 4, 14, 7, 8, 1, 15 and 11) grabbed the lion's share of deals at 73.4%, with the remaining 12 districts holding a 26.6% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 811 million rials ($2,650) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 195.9 million rials ($640). The aforesaid figures show a respective increase of 22.3% and 55.3% YOY.
Residential units with an average price range of 250 million rials ($816) to 300 million rials ($980) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 13.4% of all deals. They were followed by units priced at 200 million rials ($653) to 250 million rials per square meter with a share of 12.3% and homes priced at 300 million rials to 350 million rials ($1,143) per square meter with a share of 11.9%.
From the total number of deals, 57.3% belonged to homes cheaper than the average per-square meter price of the city (i.e., 394.1 million rials, or $1,287).
Residential units with a floor area of 50-60 and 60-70 square meters registered the highest number of sales, each with a 14.4% share of total deals.
Units with an area of 70-80 and 80-90 square meters ranked second and third with a respective share of 12.5% and 10.1%. All-in-all, residential properties with an area of under 80 square meters had a 53.7% share of total deals.
The data indicate that Tehran’s homes worth between 10 billion rials ($32,679) and 15 billion rials ($49,019) were the most popular with a share of 16.4% of the total deals. These were followed by homes with a price tag of between 15 billion rials and 20 billion rials ($65,359), as well as those priced at 20 billion rials to 25 billion rials ($81,699) with a respective share of 12.2% and 9.5% of total deals.
Collectively, homes valued under 30 billion rials ($98,039) had a 53.8% share of total home deals in Tehran during the third 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 46.5% and 51.2% respectively during the second fiscal month year-on-year.
