Sharpest Decline in Uptown Tehran Home Price

The decline in prices of homes located in districts one, two, three and six, which are affluent neighborhoods of Tehran, have been sharper than those in other districts of the capital city, says Mahmoud Mahmoudzadeh, deputy minister of roads and urban development. 
“Home prices in these four districts have decreased by 20% on average over the past month, following the appreciation of the local currency rial’s exchange rate against foreign currencies,” he was quoted as saying by IRNA.
“Speculative practices in the housing sector are often focused on districts one and three, and then two and six. These districts are highly influenced by developments in other markets. Prices of land, construction materials and services are the main factors affecting home prices. As no price decrease has been reported regarding these three factors, the decline in home prices of late can be attributed to those from outside the housing market.”