The real estate industry posted a brief gain in summer (June 22-September 22), followed by a slight drop in the average price of land and residential properties year-on-year, the Statistical Center of Iran (SCI) announced.
According to the report, the average sales of residential real estate in Tehran increased 80.8 percent in summer compared to the same period last year. The number, however, indicated a 13.3 percent drop compared to spring (March 21-June 21) of this year.
Moreover, the SCI reported that the average price of residential real estate edged up 0.8 percent in summer, in comparison with the same season last year.
Considering a 3.5 percent slump in the price of residential properties compared with spring, the average price of one square meter of residential real estate reached almost 38 million rials in Tehran’s metro area.
Land Transactions Down
The average price of land and decrepit buildings witnessed a 13 percent decline in summer compared to the same period last year. Moreover, the prices shrank almost 4.6 percent in comparison with spring.
Average price of per square meter of land and decrepit buildings recorded at Tehran’s real estate agencies fell to 42 million rials, which demonstrated a 4.6 decrease compared to the prior season.
As was reported, the number of land transactions in Tehran rose by 18.4 percent compared to the summer of last year.
The SCI report indicated that the average rental rate per square meter of residential real estate in Tehran surged by 8.3 percent in the same period.
