The Consumer Price Index for the housing sector of the Iranian capital city in the 12-month period ending Jan. 19, which marks the end of the 10th Iranian month, increased by 71.8% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Dec. 20, 2020, at 68.2%.
The housing inflation for the month under review (Dec. 21, 2020-Jan. 19) registered a year-on-year increase of 90.4% compared with the similar month of previous Iranian year. The year-on-year inflation of the month ending Dec. 20 was 83%.
The housing CPI (using the Iranian month to April 19, 2016 as the base) stood at 638.3 during the period, indicating an 8.2% growth compared with the month before.
During the month ending Dec. 20, the housing CPI stood at 589.8, registering an 8.5% decline compared with the previous month.
The average goods and services CPI in the 12-month period ending Jan. 19 for Tehran Province, wherein lies the capital city, increased by 33.7% compared with the corresponding period of last year.
SCI had put Tehran’s average annual inflation rate for the preceding Iranian month, which ended on Dec. 20, at 32.4%.
The consumer inflation for the month under review (Dec. 21, 2020-Jan. 19) registered an increase of 43% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending Dec. 20 was 41.4%.
The overall CPI (using the Iranian year to March 2017 as the base year) of Tehran Province stood at 287.9 last month, indicating a 2.4% rise compared with the month before. Month-on-month consumer inflation was 1.1% for the preceding month
SCI put urban and rural areas of Tehran Province 12-month inflation for the month under review at 33.8% and 32.8%, respectively.
CPI registered a year-on-year increase of 43.1% for urban areas and 41.8% for rural areas in the month ending Jan. 19.
The overall CPI reached 287.9 for urban households and 288.9 for rural households, indicating a month-on-month increase of 2.4% and 1.6% for urban and rural areas, respectively.
Sales Decline 67% as Prices Grow 978% YOY
A total of 3,515 homes were sold in the capital during the 10th month of the current fiscal year (Dec. 21, 2020-Jan. 19), registering a 37.6% increase compared with the preceding month but 67.1% decline compared with the same month of last year.
Data published by the Central Bank of Iran on its website also indicate that the average price of each square meter of a residential property in Tehran stood at 273.86 million rials ($1,140) during the month under review, showing an increase of 98.3% over last year’s same month as average prices were registered at 138.09 million rials ($575) then.
Average per square meter home prices in the capital city increased by 1.8% compared to 269.05 million rials ($1,120) in the ninth month of the current year.
The CBI data also show that during the month ending Jan. 19, newly-built residential properties up to five years old constituted the highest proportion of deals at 39% (or 1,372 deals), down by 2.8 percentage points compared with the same month of last year.
That lost share was added to homes with a lifespan of 11 to 15 years, 16 to 20 years, and those above 20 years, which accounted for 13%, 17.5% and 12.6% of total deals compared with the same month of last year’s 12.6%, 16.9% and 9.3%, respectively.
The share of deals involving homes that were six to 10 years old decreased from 19.4% of the total deals of last year’s same month to 17.9% this year.
The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 11.3%. It was followed by districts four and two with a share of 8.9% and 7.7%, respectively.
All-in-all, 10 districts (five, four, two, 10, 14, seven, 15, eight, one and 11) grabbed the lion's share of the deals at 68.2% with the remaining 12 districts holding a 31.8% share.
Among Tehran's 22 districts, District 1 registered the highest average per square meter home price of 600.3 million rials ($2,500) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 121.5 million rials ($500). The aforesaid numbers show a respective increase of 99% and 86.1% YOY.
Residential units with an average price range of 140 million rials ($580) to 160 million rials ($660) per square meter were the most popular in Tehran during the Iranian month under review, as they grabbed a 7.7% share of all deals. They were followed by units priced at 160 million rials to 180 million rials ($750) per square meter with a share of 7.2% and homes priced at 120 million rials ($500) to 140 million rials per square meter with a share of 7.1%.
From the total number of deals, 61.3% belonged to homes cheaper than the average per-square meter price of the city (i.e., 273.86 million rials or $1,157).
Residential units with a floor area of 50-60 square meters registered the highest number of sales with a 14.9% share of total deals.
Units with an area of 60-70 square meters came second with share of 14.2%. All-in-all, residential properties with an area of under 80 square meters had a 56.4% share of total deals.
CBI data further show that Tehran’s homes worth between six billion rials ($25,000) and 8.5 billion rials ($35,400) were the most popular with a 14.4% share of total deals. These were followed by homes with a price tag of between 8.5 billion rials and 11 billion rials ($45,800) and those priced at between 11 billion rials and 13.5 billion rials ($56,250) with a share of 10.4% and 8.7% of total deals.
Collectively, homes valued under 18.5 billion rials ($77,000) had a 55.5% share of total home deals in Tehran during the ninth month of the current year.
