Tehran home prices, sales dip for 2nd month in row

Financial Tribune – The number of property deals, together with home prices in Tehran decreased, for the second consecutive month, in the sixth month of the current Iranian year that ended on Sept. 22 compared with the previous month, according to the Central Bank of Iran.

Data published by CBI on its website indicate that the average price of each square meter of a residential unit in Tehran stood at 126.67 million rials ($1,116) during the month under review, showing a surge of 56.5% over last year’s same month when average prices reached 80.95 million rials ($713) then.

Home prices in the capital city declined by 2.8% compared to 130.25 million rials ($1,147) in the fifth month of the current year.

A total of 2,787 homes were sold in the capital during the sixth month of the current fiscal year, signaling a year-on-year decline of 73% compared with 10,335 deals in the corresponding month of last year.

The number of property deals fell by 15.3% compared with the preceding Iranian month.