Economy, Business And Markets

Decline in Real Estate

Decline in Real EstateDecline in Real Estate

The Statistical Center of Iran said the average price for one square meter of land in the north of the capital Tehran is 87,870,000 rials ($2700) while the average in the south is 19,640,000 rials ($600), reported Eghtesadnews. The same prices apply to apartments in Tehran’s 22 different regions. An increase in house prices has resulted in diminished purchasing power. The market fluctuations have discouraged owners from selling their property and applicants are reluctant to buy apartments at current rates. Therefore, the level of activity in the housing market has seen a sharp decline during the past two years. Fluctuations in the price of essential goods and raw materials for home building have also had a significant impact on the housing market.