Prices in the housing market fell

Field surveys indicate a drop in the demand for real estate in the housing market of Tehran and its suburbs. Real estate consultants say that after the currency market inflammation subsided, housing transactions and consequently prices have fallen.

According to real estate brokers, the demand for investment and speculation, which usually increases with the fluctuations of the currency market, has decreased and dealers have withdrawn from the housing market. Few transactions are done by consumer applicants. In the city of Tehran, most of the purchases are of the conversion type, but in the new cities of Pardis and Hashtgerd, the presence of the former houses is sometimes seen. This is despite the fact that until about two weeks ago, under the influence of inflationary expectations, most of the transactions were done by speculators and dealers.

While the price gradient in the housing market of Tehran and Fardis was increasing during the last one year, in the last few days, with the drop in the price of the dollar and the drop in capital purchases, the offered rates have also decreased by 10-15%.

With the decrease in the price of the currency, the construction inputs have become cheaper and this factor has influenced the reduction of pre-sale housing rates in Tehran and Fardis. In the last one week, the iron market has taken a downward trend and each branch of iron experienced a 700,000 tomans drop in price compared to the previous two days.

The assessment of some housing market activists is that the slowdown in transactions and the drop in housing prices will continue until the end of this year.

Source: ISNA