Whitened housing on parallel markets – Tejaratnews
According to Tejarat News, in recent years, the housing market usually reacted to economic developments later than gold and currency, but it has been two or three years since the fluctuations of parallel markets quickly affect property prices.
Since November of last year, the price of each square meter of house in Tehran has grown by 46% and has reached 46.7 million tomans from an average of 32 million tomans per square meter. Point-to-point general inflation has now reached 48.5%, which is almost equal to the growth of housing prices.
On the other hand, the price of the dollar has increased by about 40% over the past year. Last year, the American Azar banknote was in the range of 28 thousand tomans, which is currently worth 36 thousand 200 in the foreign exchange market and approximately 39 thousand 200 tomans in the exchange.
In the short term, studies show that the housing market is influenced by parallel markets. This issue is confirmed by construction industry activists who constantly witness the effect of the currency market on the price of construction inputs.
Comparing the house price with the dollar rate shows that there is a relative alignment between these two indicators. The dollar was in the range of 32 thousand tomans until September, and now it has reached 39.2 thousand tomans, which has recorded an increase of 22.5 percent.
The price per meter of house in Tehran showed an increase of 8% from Shahrivar to November, and within two months, according to the central bank index, it reached 46.7 million Tomans in November from an average of 43.2 million Tomans in September. The report for the month of December has not been announced yet, but the prediction of housing price fluctuation in the said month is not far from the mind. Housing prices in Tehran city grew by 6.8% in just one month ending in November under the influence of dollar price growth and inflationary expectations.
Experience has shown that the society usually considers the changes in the currency market as a sign of future inflation, and in such cases, they buy goods that can protect their capital against inflation; Like gold, housing and sometimes cars. Based on this, the fluctuations in currency prices that started in October caused changes in inflationary expectations, which led to the movement of capital towards the housing market and appeared in November. Experts believe that solutions for the stability of the currency price can lead to the relaxation of the housing market.