New data released by the Central Bank of Iran on Tehran’s housing market show the number of sales has increased in the second consecutive month.
A total of 10,184 homes were sold in the capital city during the ninth month of the current Iranian year (Nov. 22-Dec. 21), registering a 27.2% rise compared to the previous month and a 4.2% increase compared with the corresponding month of the previous year.
The report also shows the average price of each square meter of a residential property in Tehran stood at 480.73 million rials ($1,201) during the period, registering a 47.5% rise over last year’s same month.
Home prices in the capital city increased by 2.9% compared with 467.04 million rials ($1,167) in the eighth month of the year, CBI’s website reported.
According to the report, residential properties up to five years old constituted the biggest proportion of homes sold (2,955), which accounted for 29% of total sales, down by 4.2 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 16.7% and 20.2% of total deals compared with the same month of last year’s 14.2% and 13.2% respectively.
The distribution of sold properties indicates that among Tehran’s 22 districts, District 5 grabbed the biggest share of total sales with 15%, followed by District 10 with 9.4% and District 2 with 9.3%.
All-in-all, 10 districts (5, 10, 2, 4, 14, 7, 8, 1, 15 and 11) grabbed the lion's share of sales with 73.2%, with the remaining 12 districts holding a 26.8% share.
Among Tehran's 22 districts, District 1 registered the highest average home price of 944.1 million rials ($2,360) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 244.9 million rials ($612). The aforesaid figures show a respective increase of 30.7% and 59% YOY.
Residential units with an average price range of 300 million rials ($750) to 350 million rials ($875) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 11.6% of all deals. They were followed by units priced at 350 million rials to 400 million rials ($1,000) per square meter with a share of 10.5% and homes priced at 250 million rials ($625) to 300 million rials per square meter with a share of 10.3%.
From the total number of deals, 57.5% belonged to homes cheaper than the average per-square meter price of the city (i.e., 480.73 million rials, or $1,201).
Residential units with a floor area of 50-60 square meters registered the highest number of sales, taking a 15.3% 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 14.8% and 12.5%. All-in-all, residential properties with an area of under 80 square meters had a 56.6% share of total deals.
The data indicate that Tehran’s homes worth between 15 billion rials and 20 billion rials ($50,000) were the most popular with a share of 13.6% of total deals. These were followed by homes with a price tag of between 10 billion rials ($25,000) and 15 billion rials ($37,500), as well as those priced at 20 billion rials to 25 billion rials ($62,500) with a respective share of 12.2% and 9.8% of total deals.
Collectively, homes valued under 30 billion rials ($75,000) had a 46.1% share of total home deals in Tehran during the ninth 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 rent levels in Tehran and across urban areas increased by 41.3% and 46.4% respectively during the month under review on a year-on-year basis.
The rise was at 2.5% and 3% on a month-on-month basis.
