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Eghtesadonline: Tehran’s housing Consumer Price Index in the 12-month period ending Sept. 22, which marks the end of the sixth Iranian month, increased by 67.3% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.

SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Aug. 22, at 75.3%. 

The housing inflation for the month under review (Aug. 23-Sept. 22) registered a year-on-year increase of 23.8% compared with the similar month of last year. The year-on-year inflation of the month ending Aug. 22 was 33.7%. 

The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 752.6 for the month to Sept. 22, indicating a 1.2% decrease compared with the month before.

During the month ending Aug. 22, the housing CPI stood at 761.7, registering a 3.6% rise compared with the previous month.

The average Consumer Price Index for rent levels of residential homes in urban areas during the four-quarter period to Sept. 22, which marks the end of summer, increased by 27.6% compared with the corresponding period of last year, SCI reported earlier.

The center had put the annualized inflation rate for the preceding quarter (spring), which ended on June 21, at 28.8%. 

The highest and lowest average annual inflation rates in Q2 were registered for Kermanshah and Sistan-Baluchestan provinces with 37.5% and 13.2% respectively.  

According to the SCI report, CPI for rent levels in urban areas (using the Iranian year to March 2017 as the base year) stood at 244.1 in the second quarter of the current Iranian year (June 22-Aug. 22), indicating an 8% increase compared with the previous quarter. 

SCI had put the quarter-on-quarter rent inflation rate for the preceding quarter, which ended on June 21, at 3.5%. 

Lorestan and Sistan-Baluchestan provinces registered the highest and lowest quarter-on-quarter inflation rates for tenants in urban areas with 27.5% and 2.5% respectively. 

The consumer rent price index in urban areas increased by 24.7% in Q2 against the same quarter of last year. SCI had put the year-on-year rent inflation rate for the preceding quarter at 29.1%. 

The highest and lowest inflation rates on a year-on-year basis in the second quarter of the current Iranian year were posted by Lorestan with 41.8% and Khorasan Razavi with 13.1%. 

The report also shows CPI measured for the housing sector (sales) in urban areas stood at 244.8 in Q2, indicating a 8% rise compared with the previous quarter and a 24.9% growth over the same quarter of last year. SCI had put the quarter-on-quarter and year-on-year housing inflation rate for the preceding quarter at 3.6% and 29.3%, respectively. The average annual housing CPI increased by 27.9% in Q2 compared with the similar quarter of last year while the annual housing inflation rate for the preceding quarter stood at 29%.  

CPI for maintenance and repair services of residential units, including plumbing, plastering, home electrification and insulation services, in urban areas stood at 312.3 in Q2, indicating a 7.1% rise compared with the previous quarter and a 44.5% growth over the same quarter of the year before. 

SCI had put the quarterly and year-on-year maintenance and repair services inflation rate for the preceding quarter at 11.1% and 51.9%, respectively. CPI for maintenance and repair services increased by 45.8% in the four-quarter period ending Sept. 22. 

Annual maintenance and repair services inflation rate for the preceding quarter had reached 43.1%. 

 

 

CBI Report

New data coming from the Central Bank of Iran shows the real-estate market in Tehran continues to rally, as both the number of sales and prices are on growth path. 

A total of 7,789 homes were sold in Tehran during the sixth month of the current fiscal year (June 22-Sept. 22), registering an increase of 41.6% compared with the preceding month but an 8% decrease compared with the same month of last year.

Data published by CBI on its website also indicate that the average price of each square meter of a residential property in Tehran stood at 317.03 million rials ($1,165) during the month under review, showing a surge of 30.5% over last year’s same month while average prices hit 242.88 million rials ($892). 

Home prices in the capital city grew by 2.4% compared to 309.7 million rials ($1,138) in the fifth month of the current year. 

The CBI data also show that during the month ending Sept. 22, newly-built residential properties up to five years old constituted the highest proportion of deals at 33% (or 2,574 deals), down by 20 percentage points compared with the same month of last year. 

That lost share was added to homes with a lifespan of six to 10 years, 11 to 15 years, 16 to 20 years and above 20 years. They accounted for 22.5%, 14.1%, 17.8% and 12.9% of total deals compared with the same month of last year’s 18.3%, 13.6%, 17.4% and 12.7%, respectively. 

The distribution of dealt properties shows that among Tehran’s 22 districts, District 5 grabbed the highest share of total deals at 14.2%. It was followed by districts 10 and two with a share of 10% and 8.7%, respectively. 

All-in-all, 10 districts (5, 10, 2, 4, 14, 7, 8, 1, 15 and 11) grabbed the lion's share of the deals at 72.6% with the remaining 12 districts holding a 27.4% share.

Among Tehran's 22 districts, District 1 registered the highest average home price of 689.1 million rials ($2,533) per square meter. District 18 offered the capital city's cheapest homes with an average per-square meter price of 150.3 million rials ($552). The aforesaid numbers show a respective increase of 35.7% and 44.3% YOY.

Residential units with an average price range of 150 million rials ($551) to 200 million rials ($735) per square meter were the most popular in Tehran during the Iranian month under review, as they accounted for 16.3% of all deals. They were followed by units priced at 200 million rials to 250 million rials ($919) per square meter with a share of 16% and homes priced at 250 million rials to 300 million rials ($1,102) per square meter with a share of 12.9%.  

From the total number of deals, 59.4% belonged to homes cheaper than the average per-square meter price of the city (i.e., 317 million rials=$1,165). 

Residential units with a floor area of 60-70 square meters registered the highest number of sales with a 15.1% share of total deals.  

Units with an area of 50-60 and 70-80 square meters were at second and third places with a respective share of 14.7% and 11.8%. All-in-all, residential properties with an area of less than 80 square meters had a 56.3% share of total deals. 

CBI data further show that Tehran’s homes worth between 10 billion rials ($36,764) and 15 billion rials ($55,147) were the most popular with a 18.2% share of total deals. These were followed by homes with a price tag of between 5 billion rials ($18,382) and 10 billion rials and those priced at between 15 billion rials and 20 billion rials ($73,529) with a respective share of 17.6% and 12.6% of total deals. 

Collectively, homes valued under 20 billion rials had a 50.1% share of total home deals in Tehran during the sixth month of the current year.  

The central regulator also reports changes in 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 42.8% and 45.7% respectively during the sixth month of the current Iranian year compared with the corresponding month of last year.

 

Tehran Housing Inflation