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Iranian capital’s housing price inflation up 7.1% in June: SCI

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian capital’s housing price inflation rose 7.1% in the calendar month to June, according to SCI figures.

The housing price inflation in the Iranian capital Tehran continued to rise in the calendar month to June 21, show figures by the Statistical Center of Iran (SCI) which indicate that prices rose to as much as 80 billion rials ($250,000) for a 100-square-meter apartment in a wealthy district of the city.

SCI figures published on Wednesday showed that the apartment index price for Tehran rose to 140.3 in the month to late June, up 7.1% from the previous month.

Annual inflation rate for apartments in Tehran dropped 0.6% in June, said the SCI, adding that prices had increased by 5.5% compared with the single month to late June 2021.

The figures showed that average apartment prices in Tehran had reached an all-time high of 414.088 million rials ($1,320) per square meter in June.   

They showed that apartment prices in a well-to-do district located north of the capital had increased to an average of 784.472 million rials ($2,500) per square meter while the lowest average price had been reported in the south of the city at 207.885 million rials.

Housing prices have risen consistently in Iran in the past four years mainly because of a supply shortage that has been caused by the economic situation in the country and the spread of the coronavirus pandemic.

The Iranian government has embarked on an ambitious plan to build four million houses in the country until the summer of 2025.

It has also ordered a 25% cap on rent increases for the calendar year to late March 2023.

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