Home prices in the resort island have increased by an average of 35% over the first three months of the current Iranian year (March 20-June 20), the head of Kish Association of Realtors said.
“Strong demand and a limited supply, plus an increase in the prices of construction materials, have buoyed residential property prices in Kish. The home rental market has followed suit, with rents increasing between 25-35% just like in the capital city Tehran,” ILNA also quoted Amir Bahman Pouyapour as saying.
The government’s recent rent control legislation, according to which tenancy agreements signed as of June 29 may not increase rents by more than 25% in Tehran, 20% in large cities with a population of over one million, namely Mashhad, Isfahan, Tabriz, Ahvaz, Qom, Shiraz and Karaj, and 15% in other Iranian cities, including Kish, has yet to be enforced in Kish.
Extension of lease agreements are in progress like before, he added.
