Economy, Business And Markets

Tehran Home Sales Up 27%

Tehran Home Sales Up 27%  Tehran Home Sales Up 27%

The total number of home sales in Tehran reached 15,000 during the month ending July 20, marking an annual growth of 27.6%. Residential units were sold at an average price of 42.3 million rials ($1,200) per square meter, an increase of 4.4% compared with the same period last year.

Central Bank of Iran’s latest report, “Tehran Housing Market Trends”, shows however that home purchases fell by 4% month-on-month. Monthly comparison of data indicates that the average home prices grew by a meager 0.1%.

District One, covering Tehran’s upscale neighborhoods, continues to be the priciest area in the capital, as buyers paid an average of 89.4 million rials ($2,500) per square meter for homes in that area. The area accounted for 4.4% of the total deals in Tehran during the period.

District Five on the capital’s western flank, recorded the largest share of home deals at 16%. The average price of apartments in the area stood at 48 million rials $1,360 per m2.

Houses located in and around Mehrabad Airport in District Nine, experienced a year-on-year price growth at 10.6%, the highest surge across the sprawling capital.

Buyers still favor flats with a built-in area of 70-80 square meters, as these units accounted for 15.7% of the deals. Houses built during the past five years accounted for 52% of the total deals.