The Statistical Center of Iran’s latest report surveyed home and land prices, as well as rent levels, in urban areas during the second quarter of last fiscal year (June 22-Sept. 22, 2021).
The report shows the number of residential home sales declined by 27.6% while that of rent deals rose 202.8% on a year-on-year basis.
According to the report published on SCI’s website, the average price of each square meter of land or land of a rundown residential property (residential units that are considered old to a degree that only the underlying land is useful for construction) in Iranian cities went up by 46.1% in Q2 compared with the corresponding period of the year before. Prices increased by 3.9% compared with the preceding quarter (Q1).
The minimum price of each square meter of land or land of a rundown property stood at 1.01 million rials ($3.6) while the maximum was 1.07 billion rials ($3,817), bringing the average to 107.17 million rials ($382).
The number of land deals in Q2 declined by 67.7% compared with the similar period of the year before and decreased by 22.2% against the first quarter.
The average area of each dealt land or land of a rundown property in real-estate agencies across Iranian cities was reportedly 258 square meters.
The SCI report also shows the average price of each square meter of residential floor area in urban areas surged by 58.4% in Q2 on a year-on-year basis. Compared with the previous quarter, prices saw a rise of 6.4%.
The minimum price of each square meter of residential floor area across urban areas during the first quarter stood at 1.1 million rials ($3.92) while the maximum price reached 2.18 billion rials ($7,777), hence the average price was 113.62 million rials ($405).
In terms of residential deals, last year’s Q2 saw a decline of 27.6% compared with Q2 of the year before. Against Q1, the number of home deals registered a growth of 41.6%.
SCI put the average floor area dealt in Q2 at 113 square meters while the average age of residential units was 12 years.
It also disclosed figures for monthly home rents plus a 3% collateral legally paid to rent 1 square meter of residential floor area.
The center reported that the average rent prices increased by 58.8% during the period compared with the Q2 of the year before and 9.4% compared with the first quarter of last year.
The minimum price of each square meter of residential floor area rented in the Iranian cities stood at 5,500 rials (about 2 cent) with the maximum being 6.71 million rials ($23.93), bringing the average to 308,426 rials ($1.1) per month.
The number of rent deals increased by 202.8% compared with the second quarter of the year before and increased by 369.2% compared with the preceding quarter.
SCI put the average area of total rent deals at 104 square meters and the average age of rental homes at 14 years.
All figures reported by SCI employ data extracted from the state-run Tenement Management Information System operated by the Ministry of Roads and Urban Development.
Established with the aim of making home purchase and rent deals more transparent, the system legally requires all certified real-estate agencies to register their deals.
As sudden changes in the number of deals in major cities lead to a significant change in prices across a province or the whole country, the report uses a balanced weighted average for its reports to identify real price changes by eliminating the effect of home deals.
The related weights were based on occupied residential units surveyed during a general census conducted in the fiscal 2016-17.
