Tuesday , 7 December 2021

Pressure on Renters as the Cost of City Living Soars

Iranwire – Residential property prices continue to rise in Tehran and other Iranian cities, with renters hit particularly hard. According to a recent report by the Central Bank, average rents in the capital have risen by an eye-watering 42.8 percent since September 2020, and by 45.7 percent across the country.

The average cost of buying of a residential property in Tehran meanwhile increased by 30.5 percent between September 2020 and September 2021, while sales decreased by eight percent. 

Citing the Central Bank report, Tasnim News Agency states that just in September, the average purchase and sale price of one square meter of residential property traded through real estate agencies in Tehran was 31.700 million tomans [$1,150]: an increase of 2.4 percent on the previous month.

Within the 22 districts of Tehran Municipality, the highest average sale price was recorded in District 1, at 68.91 million tomans [$2,550]. The most affordable prices could be found in District 18, with properties priced at 15 million tomans [$550].

During September, there were 7,800 transactions recorded involving residential properties:  an increase of 41.6 percent on the previous month but a decrease of eight percent year-on-year.

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