Tehran housing market emerges from holiday stagnation

Financial Tribune – A total of 11,569 homes were sold in Tehran from April 20 to May 20, the second month of the current Iranian year, to register a whopping upsurge of 790% compared with the preceding month, the Planning and Housing Economy Office of the Ministry of Roads and Urban Development reported.

The first month of the Iranian year coincides with a nearly two-week-long New Year holidays (started March 20) and markets are known to stagnate during this period, especially in the housing sector as buying and selling drops drastically. This year, the condition was exacerbated by the spread of the new coronavirus, which further plunged the market into recession.

The average price of each square meter of a residential unit in the capital city stood at 170.06 million rials ($983) during the month under review, registering a year-on-year increase of 33.8% and 9.4% month-on-month.