TEHRAN- Average housing price rose 1.2 percent in the capital Tehran during the fifth Iranian calendar month Mordad (ended on August 21), compared to the 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 about 885 million rials (about $1,770) during the mentioned month.

The average housing price in Tehran during the mentioned month has also increased by 16.8 percent compared to the same month last year.

As reported, over 3,665 housing units were traded in the mentioned month, registering an increase of 26.2 percent compared to the number of apartments traded in the previous month.

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

The Iranian government has taken several measures to provide affordable housing for low-income groups.

After the National Housing Action Plan (started in 2018), the National Housing Movement is the government’s second major program to provide affordable housing units for the low-income classes.

The operation for the construction of 209,212 residential units of the National Housing Movement began in early February 2022.

The National Housing Movement to construct four million housing units in four years is one of the major plans of the current government in the housing sector.

According to the plan, out of these four million residential units, 3.2 million units will be constructed in cities and 800,000 units in villages, some of these units are currently being constructed after providing lands and preparing the necessary conditions.

EF/MA