Are you planning to rent or buy a house in Iran? It may surprise you that despite hearing about the cheap cost of living in Iran, the price of house in Iran is highly expensive for locals. Because of the national currency depreciation, the Rial, costs of living soared for locals but made living cheap for foreigners. So, it’s the best time to learn about price of house in Iran and buy a property in this country.
How Much Is the Price of House in Iran?
According to the news, one square meter of land in Tehran is between twenty to thirty million Tomans. Subsequently, the price of house in Iran is also high. The rise in price has corresponded with a significant decrease in sales. Only 10,300 units were sold in Tehran throughout the past year. House sales have decreased by almost 14 percent in the last month. Sales have decreased by 33% while prices have increased even more, which is an abnormal circumstance in business. Unfortunately, according to statistics, Tehran is one of the top five most expensive cities in the world to live in when it comes to real estate.
House Price in Tehran
One explanation might be that some individuals who lost their wealth in the stock market have now moved the remainder into the property market to gain. Another reason is the real estate agencies also play a vital part in the skyrocketing housing costs, especially in Tehran. Aside from housing costs, the cost of living in Tehran is another consideration in determining whether or not purchasing a home is a good choice. The Economist’s 2021 index ranked 173 cities in order of average cost of living by comparing 400 specific prices of 200 items and services. This year, it placed Tehran as the 29th most expensive city in the world to live in, up from the 79th most expensive city in the world in 2020 and the 106th most expensive city in 2019. Authorities have referred to the 50-point spike as “staggering,” with international sanctions recognized as the underlying reason for last year’s shocking 40 percent inflation rate.
Who Can Buy Property in Iran?
Foreigners may purchase residential property in Iran, but they cannot purchase agricultural land. The center of Tehran is where the majority of foreigners in Iran choose to buy property. Your embassy of your home country may be able to refer you to a real estate agent who may assist you with your property search. Buying property in Iran is available for foreigners, but it may be complicated; therefore, most expatriates choose to rent rather than own. Foreigners may acquire freehold houses in Iran; however, those who leave their homes must transfer the property title to a qualified non-national or an Iranian within six months of leaving to avoid being adjudicated by the Land Registration Office, a requirement under Iranian law.
House for Sale in Iran
If you want to buy a home in Iran, you need to take the following steps:
- Choose your favorite city in Iran
- Consult with a reliable real estate agent to learn the price of house in Iran
- The seller should pay all the taxes required
- The Ministry of Finance will issue a Certificate of Tax Clearance to the seller that the notary public must include the number from this certificate in the Deed.
- The seller should submit a certificate of completion of the property, which they should obtain from the municipality.
- The Social Security Administration should next provide the seller a certificate of clearance for social security purposes.
- Finally, the notary records the ownership of the property with the Department of Real Estate Registration.
Note1: The Transfer Tax is 5% of the total value of the property.
Note 2: Registration fees are around 0.10 percent of the total value of the property.
House for Sale in Mashhad, Iran
Besides learning the price of house in Iran, let’s find out more about prices in Mashhad. How much does it cost you when it comes to renting or purchasing a home in Mashhad (Iran)? Check out the prices below.
- The monthly rent for a one-bedroom apartment in the heart of the city is 354.42 euros.
- A one-bedroom apartment in the suburbs rents 193.95 euros per month.
- A three-room flat in the center rents 748.95 euros per month.
- A three-bedroom apartment in the suburbs for rent on a monthly basis= 479.67€
- The price per square meter of a centrally located flat is 964.76€.
- An apartment in the suburbs costs 483.29 euros per square meter.
- 57,885.6€ for a small flat in the heart of town
As a result, the business transactions, real estate, and the price of house in Iran are in terms of U.S. dollars rather than the national currency, the Rial, which has been steadily losing value since imposed sanctions of the USA. For investors, the value in U.S. dollars is the yardstick by which they measure their performance, and for many of them, real estate is still one of the most secure sectors to place their money.