TEHRAN- Average housing price fell 0.2 percent in the capital Tehran during the seventh Iranian calendar month of Mehr (ended on October 22), compared to its previous month, according to a report by the Central Bank of Iran (CBI).

Based on the CBI data, the average price for one square meter of a residential unit in Tehran stood at 316.3 million rials (about $7,530) during the mentioned month, IRIB reported.

The average housing price in the said month, however, increased by 18.4 percent in comparison to the same month in the previous fiscal year.

The number of real estate deals also declined 29.8 percent in the mentioned month to reach 5,500 deals, while the figure fell 36.8 percent in comparison to the last year’s same month.

Average housing prices in the sixth Iranian calendar month of Shahrivar (ended on September 22) stood at 317 million rials (about $7,547), 2.4 percent more than the fifth month.

The housing market in Tehran was the second-highest returning market in Iran among the country’s four major markets in the previous Iranian calendar year (ended on March 20) with 85 percent annual growth.

The information obtained from Kilid website (which is a major platform for housing trades) indicated that the housing price index in Tehran grew by 85 percent in the previous Iranian calendar year (ended on March 20) compared to its preceding year.

The highest monthly price increase of 12.5 percent occurred in the Iranian calendar month of Mordad (July 22-August 21, 2020), while the biggest monthly price decrease occurred in Azar (November 21-December 20, 2020) with a decline of 8.1 percent.

Back in April, the head of Iran’s Property Advisers Union said housing prices in the country should decrease at least 25 percent in order for people to be able to afford to purchase.

Mostafa Gholi Khosravi stressed the need for establishing a market regulation headquarters for the housing sector to monitor the activities of dealers and real estate agencies in order to balance the prices.

Housing prices in Iran have been constantly rising over the past year due to various internal and external factors.

EF/MA