CBI: Iran’s average housing price rises by 1.2 percent
(MENAFN) In the fifth Iranian calendar month of Mordad, which ended on August 21, the average housing price in Tehran rose by 1.2 percent compared to the previous month, as reported by the Central bank of Iran (CBI). This increase brought the average price for one square meter of residential property in the capital to approximately 885 million rials (around USD1,770). Compared to the same month the previous year, housing prices in Tehran have surged by 16.8 percent, reflecting a significant year-on-year increase.
During the reported month, over 3,665 housing units were traded in Tehran, marking a notable 26.2 percent increase from the number of apartments sold in the previous month. This uptick in transactions indicates a robust activity in the housing market despite the ongoing price rises. The consistent upward trend in housing prices over the past three years is attributed to a mix of internal economic factors and external pressures.
In response to the escalating housing costs, the Iranian government has implemented several initiatives aimed at making housing more affordable for low-income families. The National Housing Action Plan, which commenced in 2018, was followed by the National Housing Movement, representing the government's second major effort to address the housing needs of the lower-income population.
The National Housing Movement, launched in early February 2022, aims to construct 209,212 residential units as part of a broader plan to build four million housing units within four years. This ambitious plan includes the construction of 3.2 million units in urban areas and 800,000 units in rural regions. Some of these units are currently under construction following the allocation of land and preparation of necessary infrastructure.
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