EghtesadOnline: A total of 3,515 homes were sold in Tehran during the 10th month of the current fiscal year (Dec. 21, 2020-Jan. 19), registering a 37.6% increase compared with the preceding month but a 67.1% decline compared with the same month of last year.
Data published by the Central Bank of Iran on its website also indicate that the average price of each square meter of a residential property in Tehran stood at 273.86 million rials ($1,157) during the month under review, showing an increase of 98.3% year-on-year, as average prices were registered at 138.09 million rials ($583).
Average per square meter home prices in the capital city increased by 1.8% compared to 269.05 million rials ($1,137) in the ninth month of the current year.
Details of Property Deals
The CBI data also show that during the month ending Jan. 19, newly-built residential properties up to five years old constituted the highest proportion of deals at 39% (or 1,372 deals), down by 2.8 percentage points compared with the same month of last year.
That lost share was added to homes that were 11 to 15 years old, 16 to 20 years old and those above 20 years. Homes with a lifespan of 11 to 15 years, 16 to 20 years and those above 20 years accounted for 13%, 17.5% and 12.6% of total deals compared with the same month of last year’s 12.6%, 16.9% and 9.3%, respectively.
The share of deals involving homes that were six to 10 years old decreased from 19.4% of the total deals of last year’s same month to 17.9% this year.
The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 11.3%. It was followed by districts four and two with a share of 8.9% and 7.7%, respectively.
All-in-all, 10 districts (five, four, two, 10, 14, seven, 15, eight, one and 11) grabbed the lion's share of the deals at 68.2% with the remaining 12 districts holding a 31.8% share.
Among Tehran's 22 districts, District 1 registered the highest average per square meter home price of 600.3 million rials ($2,538) per square meter. District 18 offered the capital city's cheapest homes with an average per square meter price of 121.5 million rials ($513). The aforesaid numbers show a respective increase of 99% and 86.1% YOY.
Residential units with an average price range of 140 million rials ($591) to 160 million rials ($676) per square meter were the most popular in Tehran during the month under review, as they grabbed a 7.7% share of all deals. They were followed by units priced at 160 million rials to 180 million rials ($761) per square meter with a share of 7.2% and homes priced at 120 million rials ($507) to 140 million rials per square meter with a share of 7.1%.
From the total number of deals, 61.3% belonged to homes cheaper than the average per square meter price of the city (i.e., 273.86 million rials or $1,157).
Residential units with a floor area of 50-60 square meters registered the highest number of sales with a 14.9% share of total deals.
Units with an area of 60-70 square meters came second with a share of 14.2%. All-in-all, residential properties with an area of less than 80 square meters had a 56.4% share of total deals.
CBI data further show Tehran’s homes worth between 6 billion rials ($25,369) and 8.5 billion rials ($35,940) were the most popular with a 14.4% share of total deals. These were followed by homes with a price tag of between 8.5 billion rials and 11 billion rials ($46,511) and those priced at between 11 billion rials and 13.5 billion rials ($57,082) with a share of 10.4% and 8.7% of total deals respectively.
Collectively, homes valued under 18.5 billion rials ($78,224) had a 55.5% share of total home deals in Tehran during the ninth month of the current year.
During the 10 months of the current Iranian year, which started on March 20, the number of home deals finalized in Tehran totaled 74,113, marking a 23.3% rise year-on-year.
In the same period, the average price of each square meter of a home in the capital stood at 227.72 million rials ($962), signaling a YOY surge of 76.8% compared with the similar period of last year.
The central regulator also reports changes to tenancy prices in the capital city and across the urban areas.
According to CBI, the price of rented residential units in Tehran and across urban areas increased by 29.7% and 32.6% respectively during the 10th month of the current year compared with the corresponding month of last year.