House rental prices rise by 24 percent in Tehran

Business Materials 27 July 2011 11:54 (UTC +04:00)

Iran Azerbaijan, Baku, July 27 /Trend/

The housing prices in Tehran have increased by 7.5 percent while the rental prices in the spring have also grown by 24 percent, Mehr News Agency reported quoting the Statistical Center of Iran data.

The statistic was issued over housing transactions in 22 regions of Tehran in the current solar year (began March 20, 2011) indicating that the average price of housing properties increased 7.5 percent compared to the same time last year (ending March 20, 2011).

The highest price for one cubic meter was around $2,800 (31,446 rials) and the lowest price was $900 (10,105 rials).

The rental price also climbed in Tehran to 24.1 percent compared to the same time last year. The average rental price in Tehran was $900 while the highest rent was $1,200. The lowest rent was $440.

Iranian President Mahmoud Ahmadinejad earlier called on an immediate assignment of $3 billion from the National Development Fund to the housing sector.

Ahmadinejad stressed that improvement of the Mehr Housing project should be complete by September 22. At present, about 600,000 rural houses are under construction.

The Iranian President expressed hope that the Mehr Housing project would reduce the price of housing. The Iranian banking sector, particularly Bank Maskan, has so far given loans of up to $10.2 billion to applicants of the Mehr housing project.

Currently, close to 135 million square meters of urban and rural houses are under construction.