Average Price of Housing in Tehran Exceeds 103 Million Tomans per Square Meter

The website "Etemad Online" reported on Saturday, March 16, regarding the housing market in Iran's capital, stating that field observations and analysis of listings on websites show that "the average price of housing per square meter in Tehran has surpassed 103 million tomans." The report noted that "in recent months, the Tehran housing market has witnessed a significant increase in prices," indicating that "the average price of housing in Tehran on real estate platforms has risen from about 95 million tomans in September 2023 to 99 million tomans by December, 101 million tomans by January, and to 103 million tomans in February." Previously, economist Farshad Momeni had stated: "The growth of housing prices from March 2018 to August 2024 has been about 1700 percent." Etemad Online emphasized that these figures "are in stark contrast to the purchasing power of Tehran residents," adding that "the increase in housing prices in Tehran has made access to housing more difficult for many families, especially the middle and low-income classes, which could lead to increased social inequalities and reduced public welfare." According to the report, the rise in housing costs could negatively impact other economic sectors as families allocate a larger portion of their income to housing expenses, resulting in reduced consumption in other areas. The website pointed out: "Given the current conditions and instability in financial markets, it is expected that housing prices in Tehran will continue to experience fluctuations." Previously, Mahmoud Olad, a housing market expert, stated on the 20th of this month to "Khabar Online" that "on average, the waiting years to purchase a typical house have reached 35 years, which is a terrifying figure." He added: "This means that sometimes it comes to the point where two generations must work to become homeowners." The latest official statistics show that from 2016 to 2022, over 48 percent of renters in Iran have fallen below the poverty line. Additionally, according to statistics, the population living below the poverty line in Iran at the end of 2022 had reached over 33 percent, which many experts believe, considering the inflation of the past two years and the rising currency prices and further devaluation of the national currency, the number of poor people has exceeded 50 percent.