The Central Bank's report on the housing market developments in Tehran shows that in November of this year, the average price of one square meter of residential space in the capital has reached approximately 9 million and 200 thousand tomans, marking a 91.8% increase compared to the same month last year. According to the findings of this report, the price of one square meter of residential space in Tehran increased by 6.6% in November compared to October of this year. The price increase per square meter of residential space in Tehran has continued in November, while the number of transactions in this month compared to October 97 has decreased by 26.7%, reaching 6,900 transactions. A comparison of the number of transactions in November of this year with the number of residential apartment transactions in November of last year shows a decline of 53.6%. The continuous and severe price increases in the housing market alongside the decrease in the number of transactions indicate the prevailing stagflation in this sector. According to this Central Bank report, which is based on raw statistics from the Iranian Real Estate Transactions Registration System, the average price of each square meter of residential space in Tehran has increased by 60.1% in the first eight months of this year compared to the same period last year, reaching about 7 million and 300 thousand tomans. The number of transactions in these eight months recorded a nearly 20% decrease compared to the same eight months last year. In this context, among the 22 municipal regions of Tehran, the most expensive area, with an average price of 19 million and 630 thousand tomans per square meter, belongs to Region 1. The cheapest area in this month was Region 19, where the average price of each square meter of residential apartment was just over 4 million tomans. In November of this year, as in previous months, Region 5 was the most popular area, accounting for about 16% of total transactions. Additionally, newly built apartments up to five years old accounted for the largest share at 44%. According to this report, in November 97, the rental housing index in Tehran increased by 17% compared to November of last year. The rental housing index in all urban areas of Iran recorded a 14.4% increase compared to November of 96. The rental housing index in Tehran and all urban areas of Iran has grown in line with the average inflation rate for November, which the Statistical Center of Iran previously announced as 15.6% and the Central Bank of Iran as 18.4%.
92% Increase in Apartment Prices in Tehran
Tehran's housing market has seen a staggering 92% increase in apartment prices over the past year, with the average price per square meter reaching approximately 9.2 million tomans. This price surge occurs alongside a significant drop in transaction volumes, indicating a potential economic stagnation in the real estate sector. The report highlights the growing affordability crisis in Tehran's housing market.
👥 Key Players
📰 What Happened
Tehran's housing market has experienced a dramatic 92% increase in apartment prices over the past year, with the average price per square meter reaching about 9.2 million tomans. This surge in prices coincides with a significant decline in transaction volumes, suggesting economic stagnation in the real estate sector.
- Average price per square meter in Tehran reached approximately 9.2 million tomans.
- Number of transactions decreased by 26.7% in November compared to October.
💡 Why It Matters
📚 Background
Iran has been facing economic challenges, including high inflation and currency devaluation, which have severely impacted the housing market and affordability for residents.
🏷️ Entities Mentioned
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