The housing market in Tehran saw a decline in transactions in Farvardin this year, indicating a continued recession in this market. According to the Central Bank's report on the housing market developments in Tehran during Farvardin 94, the number of residential apartments traded in Tehran reached approximately 5,000 units (4,915), which represents a decrease of about 32% compared to Farvardin 93. However, this report indicates that the total number of transactions in the Tehran housing market during the year 93 saw a growth of 42% compared to 92. Based on this report, despite the decrease in the number of residential apartment transactions in Tehran in Farvardin compared to the same period last year, an examination of changes in residential construction prices in Farvardin this year shows that the average selling price per square meter of residential space in Tehran in the first month of 94 increased by about 4% to 3 million and 740 thousand tomans compared to Farvardin 93. However, this average price recorded a decrease of 7.8% compared to the price per square meter of residential space in Esfand 93. The Central Bank emphasized that the statistical information in this report is extracted from the data and raw statistics of the Iranian real estate transaction registration system. Accordingly, the highest average price per square meter of residential space traded was located in District 1 of Tehran, priced at 7 million and 660 thousand tomans. The lowest average price per square meter of residential space in Tehran during Farvardin this year was in District 18, where it was traded at 2 million and 70 thousand tomans. The most active area among the 22 districts of Tehran was District 5, which accounted for 11.5% of total transactions in the first month of the year. Districts 2, 4, and 15 followed as the next most active areas in the residential apartment transactions. In another section of the Central Bank's report on the housing market developments in Tehran in Farvardin this year, changes in rental prices were mentioned. Accordingly, in Farvardin this year, the rental price index in Tehran increased by 12.4% compared to Farvardin last year. These changes in all urban areas of Iran in the same month compared to Farvardin 93 faced a 14.5% increase. The growth of the rental price index in both Tehran and the entire urban area of Iran was lower than the point-to-point inflation rate of 16.5% in Farvardin this year, indicating that rental prices are rising at a slower pace than the general price level in urban areas of Iran. Previously, a report published by the Statistical Center of Iran highlighted that construction and building production in Iran saw a significant decrease during the reported season.
32% Decline in Construction Statistics in Farvardin 94
The Tehran housing market experienced a 32% decline in apartment transactions in Farvardin 94 compared to the previous year, indicating ongoing recessionary trends. Despite this decline, the average price per square meter increased by 4%, reflecting complex market dynamics. This situation is significant as it highlights the challenges facing the Iranian economy amidst fluctuating housing prices and transaction volumes.
👥 Key Players
📰 What Happened
In Farvardin 94, Tehran's housing market saw a 32% decline in apartment transactions compared to the previous year, indicating a recession. Despite this drop, the average price per square meter increased by 4%, reflecting complex market dynamics.
- Approximately 4,915 residential apartments were traded in Tehran during Farvardin 94.
- Rental prices in Tehran increased by 12.4% compared to the same month last year.
💡 Why It Matters
📚 Background
Iran's housing market has been volatile due to economic sanctions, inflation, and currency devaluation, impacting both buyers and renters.
🏷️ Entities Mentioned
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