The average price of residential area in Tehran, the capital city, increased by 45.2% in the fourth month of the current fiscal year (June 22-July 22) compared with the same period of the year before, says the Statistical Center of Iran.
This is while the Central Bank of Iran maintains the year-on-year price rise was at 38.8%.
A new report released by the Statistical Center of Iran shows the annualized inflation of Tehran residential homes stood at 27.1% in the month to July 22.
Year-on-year and month-on-month inflation were reported at 45.2% and 8.3% respectively, according to SCI.
The center has put the average price at 448.41 million rials ($1,407) per square meter, declaring that among the capital city’s 22 districts, District 1 registered the highest average price of 845.22 million rials ($2,653) while District 17 had the lowest rate of 228.9 million rials ($718) per square meter.
The SCI data also show a total of 8,685 residential properties were sold during the month under review across Tehran, down from 14,083 in the preceding month.
District 5 had the highest number of housing deals with 1,409, while District 19 had the lowest figure with 8.
CBI Account
CBI released its own report on Tehran housing market. Its findings are as follows:
A total of 10,294 homes were sold in the capital city during the month to July 22, registering a 25.6% decline compared to the previous month and a 103% rise compared with the corresponding month of the previous year.
The average price of each square meter of a residential property in Tehran stood at 417.05 million rials ($1,309) during the month under review.
Home prices in the capital city increased by 5.8% compared with 394.15 million rials ($1,237) in the third month of the current fiscal year.
During the month ending July 22, residential properties up to five years old constituted the biggest proportion of deals at 30.1% (or 3,096 deals), down by 3.4 percentage points compared with the same month of last year.
The lost share was added to homes with a lifespan of 11-15 years and over 20 years. They accounted for 15.8% and 20.5% of total deals compared with the same month of last year’s 14.5% and 13.1% respectively.
The distribution of dealt properties indicates that among Tehran’s 22 districts, District 5 grabbed the biggest share of total deals at 14.6%, which was followed by District 2 with a share of 9.2% as well as District 4 with a share of 8.8%.
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%, with the remaining 12 districts holding a 27% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 837.5 million rials ($2,629) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 207.8 million rials ($652). The aforesaid figures show a respective increase of 35% and 54.6% YOY.
Residential units with an average price range of 250 million rials ($784) to 300 million rials ($941) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 12.8% of all deals. They were followed by units priced at 300 million rials to 350 million rials ($1,098) per square meter with a share of 12.3% and homes priced at 200 million rials ($627) to 250 million rials per square meter with a share of 10.7%.
From the total number of deals, 56.7% belonged to homes cheaper than the average per-square meter price of the city (i.e., 417 million rials, or $1,309).
Residential units with a floor area of 50-60 square meters registered the highest number of sales, with a 14.3% 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 13.8% and 13.3%. All-in-all, residential properties with an area of under 80 square meters had a 54.2% share of total deals.
The data indicate that Tehran’s homes worth between 10 billion rials ($31,397) and 15 billion rials ($47,095) were the most popular with a share of 15.3% of the total deals. These were followed by homes with a price tag of between 15 billion rials and 20 billion rials ($62,794), as well as those priced at 20 billion rials to 25 billion rials ($78,492) with a respective share of 12.5% and 9.6% of total deals.
Collectively, homes valued under 30 billion rials ($94,191) had a 50.9% share of total home deals in Tehran during the fourth month of the current year.
The central regulator also reported changes in tenancy prices in the capital city and across urban areas.
According to CBI, prices of rented residential units in Tehran and across urban areas increased by 47.4% and 52.3% respectively during the fourth fiscal month year-on-year.
