The average Consumer Price Index for rent levels of residential homes in urban areas of Iran during the four-quarter period to March 20, which marks the end of winter, increased by 26.9% compared with the corresponding period of the year before, latest data released by the Statistical Center of Iran show.
SCI had put the annualized inflation rate for the preceding quarter (fall), which ended on Dec. 21, at 27%.
The highest and lowest average annual inflation rates in Q4 were registered for Lorestan and Sistan-Baluchestan provinces with 37.4% and 12.8% respectively.
According to the SCI report, CPI for rent levels in urban areas (using the Iranian year to March 2017 as the base year) stood at 279.7 in the fourth quarter of last fiscal year (Dec. 22, 2021-March 20), indicating a 6.4% increase compared with the previous quarter.
SCI had put the quarter-on-quarter rent inflation rate for the preceding quarter, which ended on Dec. 21, at 8%.
Yazd and Sistan-Baluchestan provinces registered the highest and lowest quarter-on-quarter inflation rates for tenants in urban areas with 8.6% and 1.5% respectively.
The consumer rent price index in urban areas increased by 28.1% in Q4 against the same quarter of the year before.
SCI had put the year-on-year rent inflation rate for the preceding quarter at 25.7%.
The highest and lowest inflation rates on a year-on-year basis in the fourth quarter of the last Iranian year were posted by Lorestan with 40% and Sistan-Baluchestan with 11.8%.
The SCI report also shows CPI measured for home sales in urban areas stood at 280.4 in Q4, indicating a 6.4% rise compared with the previous quarter and a 28.2% rise over the same quarter of the year before.
SCI had put the quarter-on-quarter and year-on-year housing inflation rates for the preceding quarter at 7.7% and 25.9%, respectively.
The average annual housing CPI increased by 27% in Q4 compared with the similar period of the year before.
SCI had put annual housing inflation rate for the preceding quarter at 27.2%.
CPI calculated for “maintenance and repair services of residential units” (including plumbing, plastering, home electrification and insulation services) in urban areas stood at 350.3 in Q4, indicating a 6% rise compared with the previous quarter and a 33.5% growth over the same quarter of the year before.
SCI had put the quarterly and year-on-year “maintenance and repair services” inflation rate for the preceding quarter at 5.8% and 36.5%, respectively.
CPI for “maintenance and repair services” increased by 40.8% in the four-quarter period ending March 20.
SCI had put annual “maintenance and repair services” inflation rate for the preceding quarter at 44.1%.
CBI Report
Latest data released by the Central Bank of Iran on Tehran’s housing market show a total of 6,834 homes were sold in the capital city during the 12th month of last fiscal year (Feb. 20-March 20), registering a decrease of 19.9% compared with the preceding month but a 29.6% increase compared with the same month of last year.
The CBI data show that the average price of each square meter of a residential property in Tehran stood at 351.2 million rials ($1,266) during the month under review, registering a 16% rise over the preceding year’s same month, when average prices stood at 302.75 million rials ($1,091).
Home prices in the capital city increased by 6.2% compared to 330.56 million rials ($1,192) in the 11th month of the year.
During the month ending March 20, residential properties up to five years old constituted the biggest proportion of deals at 32.5% (or 2,219 deals), down by 5.9 percentage points compared with the same month of last year.
The lost share was added to homes with a lifespan of 11 to 15 years and over 20 years. They accounted for 14.9% and 20.5% of total deals compared with the same month of last year’s 12.8% and 14.4% respectively.
The distribution of dealt properties indicates that among Tehran’s 22 districts, District 5 grabbed the biggest share of total deals at 14.3%, which was followed by districts 10 and 2 with a share of 9.5% and 9.3%, respectively.
All-in-all, 10 districts (5, 10, 2, 4, 14, 7, 8, 1, 15 and 11) grabbed the lion's share of deals at 73.5%, with the remaining 12 districts holding a 26.5% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 774.7 million rials ($2,793) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 165.6 million rials ($597). The aforesaid figures show a respective increase of 12.7% and 36.5% YOY.
Residential units with an average price range of 200 million rials ($721) to 250 million rials ($901) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 15.3% of all deals. They were followed by units priced at 150 million rials ($540) to 200 million rials per square meter with a share of 13% and homes priced at 250 million rials to 300 million rials ($1,081) per square meter with a share of 12.9%.
From the total number of deals, 58.9% belonged to homes cheaper than the average per-square meter price of the city (i.e., 351.2 million rials or $1,266).
Residential units with a floor area of 50-60 square meters registered the highest number of sales with a 14.7% share of total deals.
Units with an area of 60-70 and 70-80 square meters ranked second and third with a respective share of 14.2% and 11.4%. All-in-all, residential properties with an area of under 80 square meters had a 53.1% share of total deals.
The data indicate that Tehran’s homes worth between 10 billion rials ($36,062) and 15 billion rials ($54,093) were the most popular with a share of 16.8% from the total deals. These were followed by homes with a price tag of between 5 billion rials ($18,031) and 10 billion rials, as well as those priced at 15 billion rials to 20 billion rials ($72,124) with a respective share of 12.4% and 12.3% of total deals.
Collectively, homes valued under 20 billion rials had a 42.6% share of total home deals in Tehran during the 12th month of the current year.
