Despite the housing market recession, the price of housing in Tehran increased in March 2024, with the average price of a square meter of residential units traded in the capital reaching 820 million rials (approximately $1,340).
According to media reports in Iran, the Central Bank’s Office of Economic Studies and Policies announced that in March, the number of residential apartments traded in the city of Tehran reached 1,500 units, indicating a 75.6% and 14.2% decrease compared to the previous month and the same month last year, respectively.
However, the average price per square meter of residential units traded through real estate agencies in Tehran in March showed a 22.9% increase compared to the previous month and the same month last year, respectively.
An examination of the “distribution of the number of residential units traded in Tehran” shows that among the 22 districts of Tehran Municipality, the highest average price per square meter of residential area traded belongs to district 1 and the lowest belongs to district 18.
Previously, the state-run Donya-e-Eqtesad newspaper reported on the withdrawal of half of the applicants of the “National Housing” plan due to lack of financial ability to pay installments.
The newspaper wrote that since the early 2010s, many new households have not been able to afford to buy housing from the market. Also, those who withdrew from the “National Housing” plan did not even have the ability to pay the 400 million rials (approximately $645) down payment for this plan.
