Tehran home prices continue to deflate

Financial Tribune – The average price of each square meter of a residential unit in Tehran stood at about 126.17 million rials ($1,060) last month, about 1.5 million rials ($12) cheaper than the month before (a 1.3% decline month-on-month.)

Tehran’s home prices keep on falling despite the rise in the number of deals in the month leading to Nov. 21 compared with the preceding month, the Planning and Housing Economy Office of the Ministry of Roads and Urban Development reported.

The housing market in the capital had been experiencing skyrocketing prices until a few months ago, creating an inflating bubble that is seemingly about to subside gradually.

The number of home sales in Tehran reached 4,068 deals during the 30-day period between Oct. 23 and Nov. 21, indicating an increase of 15% (around 500 more deals) compared with the month before but a decline of 42% (around 3,000 fewer deals) over the same month of last year.

The average price of each square meter of a residential unit in Tehran stood at 126.17 million rials ($1,060) last month, about 1.5 million rials ($12) cheaper than the month before (a 1.3% decline month-on-month.)