The annualized inflation of residential buildings in Tehran, the capital city, reached 30.3% in the sixth month of the current fiscal year (Aug. 23-Sept. 22), according to a new report released by the Statistical Center of Iran.
Year-on-year and month-on-month inflation reached 45.7% and 3.3% respectively.
The report has put average price at 461.11 million rials ($1,388) per square meter, noting that among the capital city’s 22 districts, District 1 registered the highest average price of 910.12 million rials ($2,739) while District 18 had the lowest rate of 241.7 million rials ($727) per square meter.
The SCI data also show a total of 5,159 residential properties were sold during the month under review across Tehran, down from 6,852 in the preceding month.
District 5 saw the highest number of housing deals with 811, while District 19 had the lowest figure with 26.
CBI Report
The SCI report came a few days after the Central Bank of Iran had announced that a total of 6,033 homes were sold in the capital city during the month to Sept. 22, registering a 22.9% fall compared to the previous month and a 22.5% decrease compared with the corresponding month of the previous year.
This is the third consecutive month of decline in sales reported by CBI.
The bank said the average price of each square meter of a residential property in Tehran stood at 432.2 million rials ($1,301) during the month under review, registering a 36.3% rise over the preceding year’s same month.
Home prices in the capital city increased by 1.1% compared with 427.29 million rials ($1,286) in the fifth month of the current fiscal year.
During the month ending Sept. 22, residential properties up to five years old constituted the biggest proportion of homes sold with 28.4% (or 1,714 deals), down by 4.6 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 16.1% and 21.9% of total deals compared with the same month of last year’s 14.1% and 12.9% respectively.
The distribution of sold properties indicates that among Tehran’s 22 districts, District 5 held the biggest share of total sales with 14.4%, followed by District 2 with 10.1% and District 4 and District 10 each with 8.7%.
All-in-all, 10 districts (1, 2, 4, 5, 7, 8, 10, 11, 14 and 15) grabbed the lion's share of sales with 72.7%, with the remaining 12 districts holding a 27.3% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 871.3 million rials ($2,622) per square meter. District 19 offered the capital city's cheapest homes with an average per-square meter price of 215 million rials ($647). The aforesaid figures show a respective increase of 26.4% and 18.8% YOY.
Residential units with an average price range of 300 million rials ($903) to 350 million rials ($1,053) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 11.8% of all deals. They were followed by units priced at 250 million rials ($752) to 300 million rials per square meter with a share of 11.2% and homes priced at 350 million rials to 400 million rials ($1204) per square meter with a share of 10.4%.
Housing Deals
From the total number of deals, 55.9% belonged to homes cheaper than the average per-square meter price of the city (i.e., 432.2 million rials, or $1,301).
Residential units with a floor area of 50-60 square meters registered the highest number of sales, with a 14.8% share of the total.
Units with an area of 60-70 and 70-80 square meters ranked second and third with a respective share of 13.9% and 12.2%. All-in-all, residential properties with an area of under 80 square meters had a 54.4% share of total deals.
The data indicate that Tehran’s homes worth between 10 billion rials ($30,102) and 15 billion rials ($45,153) were the most popular with a share of 13.9% of the total deals. These were followed by homes with a price tag of between 15 billion rials and 20 billion rials ($60,204), as well as those priced at 20 billion rials to 25 billion rials ($75,255) with a respective share of 12.3% and 9.5% of total deals.
Collectively, homes valued under 30 billion rials ($90,307) had a 49.4% share of total home deals in Tehran during the sixth 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, residential rents in Tehran and across urban areas increased by 40.9% and 46.8% respectively during the sixth fiscal month year-on-year.
