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Tehran home sales drop as prices rise 104 percent YOY

Financial Tribune – New data released by the Central Bank of Iran indicate 3,423 homes were sold in Tehran in the first month of the current Iranian year (March 21-April 20) to register a 73.3% decline compared to the month before and 32.2% compared to the similar month of the year before.

The hike in home prices in the capital city continued their last year’s growing trend.

The average price of each square meter of a residential unit in Tehran stood at about 112.69 million rials ($810), showing a year-on-year surge of about 104% as average prices reached 55.28 million rials ($397) in the similar month of last year.

Home prices in the capital grew by 2.1% compared with 110.41 million rials ($794) in the 12th month of last year.