The Statistical Center of Iran has released new data on home rent and sale prices during the first quarter of the current Iranian year (March 20-June 20).
Both experienced higher inflation rates, although they lagged behind the overall inflation rate, which has been put at 27.8% for the third month of the current Iranian year (May 21-June 20).
According to the report, the average Consumer Price Index for rents in urban areas during the four-quarter period to June 20, which marks the end of the first quarter of the current fiscal year (spring), increased by 22.7% compared with the corresponding period of last year.
SCI had put the annual inflation rate for the preceding quarter, which ended on March 19 (last year' Q4 that coincides with winter) at 23.2%.
The highest and lowest average annual inflation rates were registered for Lorestan and West Azarbaijan provinces with 35.8% and 9.5% respectively.
According to the SCI report, CPI for rent levels in urban areas (using the Iranian year to March 2017 as the base year) stood at 175.1 in spring, indicating a 3.4% increase compared with the previous quarter.
SCI had put the quarter-on-quarter rent inflation rate for the preceding quarter, which ended on March 19, at 4%. ]
The home sale and rent price rises lag behind the overall inflation rate, which has been put at 27.8% for the third month of the current Iranian year (May 21-June 20)
Ilam and Lorestan provinces registered the highest and lowest quarter-on-quarter inflation rates for tenants in urban areas with 9.1% and 0.7% respectively.
The consumer rent price index in urban areas increased by 23.3% in Q1 over the same quarter of last year.
SCI had put the year-on-year rent inflation rate for the preceding quarter, which ended on March 19, at 22.9%.
The highest and lowest inflation rates on a year-on-year basis in the first quarter of the current year were posted by Lorestan with 35.8% and West Azarbaijan with 7.5%.
Home Sales Inflation
The SCI report has also reviewed inflation in the home sale market.
CPI measured for housing in urban areas was at 175.3 in Q1. The average annual housing CPI increased by 22.8% in Q1 compared with the similar quarter of last year.
SCI had put annual housing inflation rate for the preceding quarter at 23.3%.
The index indicates a 3.4% rise compared with the previous quarter and 23.3% growth over the same quarter of the year before.
SCI had put the quarter-on-quarter and year-on-year housing inflation rate for the preceding quarter at 4% and 22.9% respectively.
Maintenance, Repair Services Inflation
CPI calculated for "maintenance and repair services of residential units", including plumbing, plastering, home electrification and insulation services, in urban areas stood at 192 in Q1, indicating a 6.4% rise compared with the previous quarter and a 25% growth over the same quarter of last year.
SCI had put the quarterly and year-on-year maintenance and repair services inflation rates for the preceding quarter at 5.1% and 25.1%, respectively.
CPI for "maintenance and repair services" increased by 27.1% in the four-quarter period ending June 20.
SCI had put annual maintenance and repair services inflation rate for the preceding quarter at 29.9%.
Tehran HPI Up 47.8%
Another report released by SCI shows the average House Price Index in Tehran during the 12-month period ending June 20, which marks the end of the third Iranian month, increased by 47.8% compared with the corresponding period of last year.
SCI put the average annual HPI inflation rate for the preceding Iranian month, which ended on May 20, at 51.6%.
The HPI for the month under review (May 21-June 20) registered a year-on-year increase of 44.6% compared with the similar month of last Iranian year.
The year-on-year inflation of the month ending May 20 was at 34.8%.
The overall HPI (using the Iranian month to April 19, 2016 as the base) stood at 460.9 last month, indicating an 11.3% rise compared with the previous month.
The overall HPI stood at 414.2 in the month ending May 20, registering a 9.5% rise quarter-on-quarter.
