Tehran’s home prices increased, despite the decline in the number of deals in the month leading to March 19 compared with the preceding month, the Planning and Housing Economy Office of the Ministry of Roads and Urban Development reported.
The number of home sales in Tehran reached 10,242 during Feb. 20-March 19, indicating a decline of 24.4% compared with the month before.
The average price of each square meter of a residential unit in Tehran stood at 155.68 million rials ($943) last month, registering an 8.6% increase month-on-month.
Among Tehran’s 22 districts, District 1 registered the highest average home prices at 332.17 million rials ($2,013) per square meter, followed by District 3 with 271.63 million rials ($1,646) per square meter and District 2 with 233.65 million rials ($1,416) per square meter.
District 18 offered the capital city’s cheapest homes with average per-square meter prices standing at 74.79 million rials ($453), followed by District 20 with 75 million rials ($454) per square meter and District 17 with 79.6 million rials ($482) per square meter.
The total value of home deals during the month under review stood at 147,500 billion rials ($894 million), posting a decline of 8% compared with a month before, Tasnim News Agency reported.
Mostafa Qoli-Khosravi, the head of Tehran Realtors Association, says home sales in the capital city dropped by 40% in the Iranian month ending March 19, following the outbreak of coronavirus.
“Home deals, including sales and rents, declined to 6,979 compared with 11,703 in the preceding month [Jan. 21-Feb. 19] due to the virus. The decline in people’s physical presence at real-estate agencies and the rise in the number of homes put up for sale and rent have led to a change in homeowners’ preferences. Some of them are now willing to sell their properties at prices below the market value,” Qoli-Khosravi was quoted as saying by IRNA.
