Comparison of Housing Prices in Iran and Turkey; Homes in Istanbul Are Cheaper than in Tehran

An economic website in Iran has analyzed the housing market statistics of Turkey and Iran, stating that the price of homes in Istanbul, as one of the most important cities in Turkey, has been lower on average compared to Tehran in 2023. The website 'Tejarat News' referenced official housing price statistics in Tehran, noting that the housing sector has experienced unprecedented price increases in recent years, with the average price of an apartment in November 2023 nearing 80 million tomans per square meter. The report mentions that economic data related to Turkey indicates that this country has also faced numerous problems in recent years, including rising inflation, similar to Iran's economy. When comparing housing market data between Tehran and Istanbul, it was noted that the average price of a home in Tehran in January 2023 was about $1,300 per square meter, while during the same period, the price of homes in Istanbul exceeded $1,500 per square meter. The report emphasizes that housing prices in Istanbul have decreased, reaching $1,600 by September, while prices in Tehran have started a new upward trend, rising to $1,500. Abdullah Mashkani, an economic expert, stated that the lower cost of land construction in Istanbul contributes to the lower property prices there. Reports indicate that the increase in housing prices in Iran has exacerbated housing poverty. In this context, media outlets have reported a forced change in people's preferences towards homes of 40 square meters or less. Accordingly, the newspaper 'Donya-e-Eqtesad' reported on November 7, 2023, that statistics indicate a record number of residents living in homes of up to 40 square meters in the capital this year. The report noted that the share of 'tiny' homes of up to 40 square meters in transactions in Tehran has increased from 3.3% in 2018 to over 5.2% this year. A report from the Iranian Statistical Center shows that the average price per square meter of apartments has risen from 6.2 million tomans in spring 2018 to over 80.8 million tomans in September 2023. The consequences of housing inflation include a decrease in marriage rates and a decline in birth rates. An economic expert stated that the monthly income of the middle class is decreasing. A housing economy researcher noted that the Raisi administration has built fewer homes than in the past. The gap between food and housing prices and basic needs is causing a decline in quality of life. A newspaper reported that tenants are suffering from inflation and taxes, facing the consequences of 'misguided policies' twice. The Ministry of Roads indicated that the price of each square meter of 'national housing' could reach 12 million tomans.