Housing prices in Iran’s capital Tehran increased 43.7 percent in the fourth month of the current Iranian calendar year (June 22-July 22), from the same month in the previous year, a report by the Central Bank of Iran (CBI) showed.
Based on the CBI data, the year-on-year increase of the average price per square meter of housing units in Tehran over the first three months of the current Iranian calendar year (started on March 21) were 91.7 percent, 69.7 percent, and 56.6 percent, respectively.
The average per square meter price of residential units in the capital also increased 1.3 percent in comparison to the previous month.
As reported, over 5,100 housing units were traded in Tehran during the fourth calendar month, which was 0.6 percent more than the previous month, and 63.9 percent less than the same month in the previous year.
Housing prices in Iran have been constantly rising over the past year due to various internal and external factors.
Coronavirus has been reported to be a major factor affecting the housing prices in Iran as the pandemic has stoked concerns about losing one’s savings and more people entered the housing market.
“People are turning to the housing market in order to protect their savings in the face of rising inflation. No one sees housing as a short-term consumer commodity. Even real consumers view purchasing a home as a long-term investment,” Mehdi Soltan-Mohammadi, a housing expert, said.
The housing market in Tehran was the second-highest returning market in Iran among the country’s four major markets in the previous Iranian calendar year with 85 percent annual growth.
The information obtained from Kilid website (which is a major platform for housing trades) indicated that the housing price index in Tehran grew by 85 percent in the previous year compared to its preceding year.
The highest monthly price increase of 12.5 percent occurred in the Iranian calendar month of Mordad (July 22-August 21, 2020), while the biggest monthly price decrease occurred in Azar (November 21-December 20, 2020) with a decline of 8.1 percent.