Economy, Domestic Economy

Real Estate Market Reemerging

Real Estate Market ReemergingReal Estate Market Reemerging

Turnovers of real estate agencies in Iran show the agencies’ dealings grew in the first half of the year (March 21 – September 22) after a steady decline in prices and a relative stability which followed in the Iranian housing market.

To the real estate agents, the increase in sales contracts might seem like the end of the stagnant state of the market. Housing experts, however, believe that the recent rise in transactions is only transient and mustn’t be considered as a revival of the market, Donya-e Eghtesad reports.  

Hesam Oghabaee, head of Tehran’s real estate company stated, “The recent behavior of the real estate market tells of a leap toward curbing the previous stagnant state”.

Fortunately, this year the status of the real estate market has been “quite acceptable” so far, the official said, as reported by the economic newspaper. The previous stagnant state seems to have been curbed, and hopefully by the end of autumn, real estate transactions will continue to witness a steady growth.

 Overall Transactions in Iran

To expound this idea, the official relied on data and statistics collected through the monitoring system of real estate transactions and further clarified, “The number of overall transactions which were done in the month ending September 22, 2014 in Iran stood at nearly 189,000 contracts, up from around 161,000 in the same period last year.

The overall real estate sales contracts registered during the month ending September 22, 2014 were 107,500, up from about 86,600 in the same month last year.  

Rental contracts also tell of a subtle increase. The number of contracts increased to about 72,900 this year from 66,700 last year.

 Thirty-Day Scale Comparison

Not only do this year’s statistics tell of a subtle increase as compared to the last, monthly comparisons also indicate growth, Oghabaee said.  

During the month ending August 22, 2014, the number of overall transactions registered in Iran reportedly stood at 188,700, up from 167,500 in the same period last year, according to Eghtesad News.

The overall number of sales transactions registered was reported as 107,500, up from 94,900 last year. Rental contracts stood at nearly 73,000, witnessing a slight increase from 65,000.