The Statistical Center of Iran has published a new report on home and land prices, as well as rent levels in Tehran’s urban areas, during the fourth quarter of last fiscal year (Dec. 22, 2021-March 20).
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 Tehran went up by 17.1% in Q4 compared with the corresponding period of the year before. Prices increased by 4.8% against the preceding quarter (Q3).
The minimum price of each square meter of land or land of a rundown property stood at 46.05 million rials ($151) and the maximum was 2.62 billion rials ($8,641), bringing the average to about 521.74 million rials ($1,720).
The number of land deals in Q4 increased by 46.3% year-on-year and grew by 5.1% compared to the third quarter.
The average area of each dealt land or land of a rundown property in real-estate agencies across Iranian cities was reportedly 238 square meters.
The SCI report also shows the average price of each square meter of residential floor area in urban areas grew by 14.5% in Q4 on a year-on-year basis. Compared with the previous quarter, prices saw a rise of 9.8%.
The minimum price of each square meter of residential floor area across urban areas during the first quarter stood at 32.4 million rials ($106) and the maximum price reached 2.76 billion rials ($9,102), with the average price standing at about 367.71 million rials ($1,212).
The average rent prices increased by 56.6% during the Q4 year-on-year and 22.2% compared with the third quarter of last year
In terms of the number of residential home sales, last year’s Q4 saw a rise of 154% year-on-year and the number of home sales registered a growth of 9.5% against the previous quarter.
SCI put the average sold floor area in Q4 at 86 square meters while the average age of residential units was 13 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 56.6% during the period compared with the Q4 of the year before and 22.2% compared with the third quarter of last year.
The minimum price of each square meter of residential floor area rented in Iranian cities stood at 41,379 rials (about 13 cent) with the maximum being 8.77 million rials ($28.92), bringing the average to 1.06 million rials ($3.49) per month.
The number of rent deals increased by 64% compared with the fourth quarter of the year before, but decreased by 63.6% compared with the preceding quarter.
It put the average area of total rent deals at 81 square meters and the average age of rental homes at 16 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 renting 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.
