Average Monthly Home Prices in Tehran Buck Rising Trend

For the first time in months, home prices in Tehran have declined.
A new report released by the Central Bank of Iran shows the average price of each square meter of a residential unit in Tehran stood at 130.25 million rials ($1,157) in the fifth month of the current Iranian year (ended Aug. 22), indicating a 2.4% decline compared to 133.51 million rials ($1,186) in the fourth month of the year. 
Prices, however, showed an annual surge of 76%, as average prices were registered at 73.99 million rials ($657) in last year’s same month.
A total of 3,292 homes were sold in the capital during the fifth month of the year, signaling a year-on-year decline of 72.6% compared with the 12,006 deals in the corresponding month of last year. The number of property deals fell by 31.3% compared with the preceding month.