Tehran Home Sales Down 36%, Prices Soar 112 Percent YOY

Home prices in Tehran increased while the number of property deals declined in the second month of the current Iranian year, which ended on May 21, according to the Central Bank of Iran. 
Data published by CBI’s website on Saturday indicate that a total of 12,128 homes were sold in the capital during the second month of the current fiscal year, signaling a year-on-year decrease of 36.5% compared with the 19,107 deals signed in the corresponding month of last year. 
The number of property deals jumped by 254.3% compared with the preceding month.
The average price of each square meter of a residential unit in Tehran stood at about 126.72 million rials ($908) during the second month of the year, showing a year-on-year surge of 112% as average prices reached 59.78 million rials ($428) in last year’s same month.