Business And Markets

Tehran Housing Recession Deepens as Prices Rise

The number of home deals in the capital saw a year-on-year decline of 61.7% during the month to Dec. 21, as home prices rose 91.8% year-on-year
Tehran Housing Recession Deepens as Prices Rise
Tehran Housing Recession Deepens as Prices Rise

Home prices in Tehran increased and property deals declined in the ninth month of the current Iranian year, Azar (ended Dec. 21), the Central Bank of Iran said.
Latest data published by CBI on its website indicate that only 6,814 homes were sold in the capital during the period, signaling a year-on-year decrease of 61.7% compared with 17,776 deals of the corresponding month of last year. 
Furthermore, the number of property deals declined by 0.6% compared to the preceding month, Aban.
The average price of each square meter of a residential unit in Tehran stood at about 95.5 million rials ($852) during the ninth month, showing an annual surge of 91.8%. Prices averaged 49.82 million rials ($444) last year. 


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