Home sales in Tehran decreased by 59.3% and 1.2% during the 10th Iranian month (Dec. 22, 2018-Jan. 20) compared with the same period of last year and the preceding month, respectively.
This was announced by the Planning and Housing Economy Office of the Ministry of Roads and Urban Development, Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
The average price of each square meter of a residential unit in Tehran stood at about 97.7 million rials ($842) during the 10th month, which shows an annual surge of 89.9% and a month-on-month rise of 1.5%.
Among Tehran’s 22 districts, District 5 grabbed the highest share of total deals, followed by districts 4 and 2. District 19 posted the lowest number of home sales with 38, followed by districts 22 with 54.
The northernmost District 1 registered the highest average home prices at 229.7 million rials ($1,980) per square meter, followed by District 3 with an average home price of 172.34 million rials ($1,485).
With an average per-square meter price of 42.45 million rials ($365), District 18 had the cheapest homes in Tehran, followed by District 20 with an average home price of 44.94 million rials ($387).
Tehran accounts for the largest share of home deals made in Iran.
Iran's housing market has been gripped by recession in recent months, as home prices are rising while the number of deals is in decline.
The trend of rising prices, in tandem with the falling number of deals in Tehran, emerged from the third month of the current year that ended on June 21, when prices grew by 45.8% and deals fell by 3.1% on an annual basis respectively. It has only exacerbated in the following months.
