Iran's Statistical Center: Year-on-Year Inflation for Residential Apartments in Tehran Exceeds 75% in September

The Statistical Center of Iran, which has refrained from providing statistics in the housing sector and other areas of Iran's economy for the past eight months, reported on Saturday, October 21, that the year-on-year inflation for residential apartments in Tehran reached over 75% in September this year. According to this report, the weighted average price per square meter of residential apartments in the capital was over 85 million tomans in June, marking a 122% year-on-year inflation compared to June of the previous year. The newspaper Donya-e-Eqtesad reported on September 29 that the housing market in Tehran had been significantly influenced by the 'upward outlook of general inflation' and 'inflationary expectations' in society from late last year to mid-spring. This newspaper indicated that the inflationary environment in the housing market at the end of 1401 and the beginning of 1402 resulted in further price increases for housing in Tehran and other major cities across the country. Tejarat News also addressed the housing market developments on May 25, stating that housing prices in Tehran had experienced an increase of about 2500% over the past 12 years. During the electoral campaign, Ebrahim Raisi promised to build one million housing units per year. An examination of the housing market developments and a review of reports show that in the past two years, not only was no housing delivered, but prices also more than doubled, with the price per square meter in Tehran now exceeding 80 million tomans.