Iranian housing authority forecasts market growth

Business Materials 3 April 2018 18:57 (UTC +04:00)

Baku, Azerbaijan, April 3

By Khalid Kazimov – Trend:

An official within Ministry of Roads and Urban Development of Iran has forecasted that the country’s housing market would experience growth over the current fiscal year which began on March 21.

Ali Chagani, the head of planning department at the ministry, has said that the market experienced an upward trend over the second half of the last fiscal year which is expected to continue in the current year.

Forecasting that the housing prices would also experience a slight growth over the current year, he ruled out the possibility of any sharp increase in the prices.

He further added that in January the prices grew by 20 percent compared to the same time of last year.

The latest statistics by the Central Bank of Iran indicate an 11.8 percent jump in the number of sales of residential apartments over the last fiscal year to March 20 in the capital Tehran, the country’s largest capital market.

According to the latest statistics by the Central Bank of Iran, 181,200 residential apartments were traded in the capital city in the mentioned period, indicating an 11.8 percent increase compared to the preceding year.

The report meanwhile suggests that the number of sales of apartments in the capital Tehran over the ending month of the last year grew by 0.5 percent.

The average price of Tehran’s residential properties in the 12th month of the last year increased by 26.1 percent compared to the same time of preceding year.

Per square meter of residential property in Tehran over the mentioned period was valued at about $1,300 (57.6 million rials) on average.