Average housing price stands at $1,489 per sq.m. in Tehran city: SCI

July 6, 2022 - 11:40

TEHRAN- The Statistical Center of Iran put the average price for one square meter of a residential unit in Tehran city at 414 million rials (about $1,489) in the third Iranian calendar month Khordad (ended on June 21).

The Central Bank of Iran (CBI) had previously put the figure at 394.14 million rials (about $1,417) in the mentioned month, which was 8.4 percent higher than the figure in the second month.

As previously reported by the CBI, the average housing price rose 16 percent in the capital Tehran during the last month of the past Iranian calendar year 1400 (ended on March 20), compared to the same month in the preceding year.

Housing prices in Iran have been constantly rising over the past three years due to various internal and external factors.

Although, in early May, the chairman of Real Estate Agencies Union said, “This year is the year of lower housing prices; this condition will continue in the country for the next two years, and we will see a continuous decrease in housing prices”.

Mostafa Qoli Khosravi referred to a report released by Central Bank of Iran in terms of housing price in the first Iranian calendar month Farvardin (ended on April 20), and said: "The government is trying to compensate the housing shortage in the country with the National Housing Movement plan, and this plan is being prepared and implemented in several urban and rural areas”.

He said that there is currently shortage of about 720,000 housing units in the country, adding: "Every year, dilapidated apartments are added to this number, therefore, the current government intends to compensate for the housing deficit by recognizing this shortage and implementation of National Housing Movement.”

The market will react positively to the increase in supply, and the completion of the government plans including Mehr Housing and National Housing will control the uncontrolled growth of housing prices, he further predicted.

MA/MA

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