Teheran Iran Real Estate
The Iranian government is encouraging prominent developers in Tehran to buy luxury properties in northern Iran and other parts of the country, analysts and construction industry sources in Tehran said. Iranian media reported that citizens of Persian Gulf and Iraq countries are buying luxury properties in northern Iraq. According to media reports, some of them have bought expensive properties in the Iranian capital Tehran and other cities and towns in the north and south of the country.
It is noteworthy that foreigners in northern Iran buy real estate, but in southern Iran they take the same approach. Foreign citizens in Hamedan, mostly Iraqis, are interested in buying property in the province.
Iran has encouraged local partners to acquire land and real estate in Damascus and Homs, which is crucial for the Syria-Lebanon link and for economic development in the region. In terms of investment, gold and cars on the Iranian stock exchange are, alongside oil and gas, the two most important assets for foreign investors in Iran. Foreign capital also plays a major role, as money repatriated from Iranians living abroad - which some analysts say has increased since UN sanctions first hit Iran in 2006 - contributes to the country's economic growth. If Tehran grants long-term access to foreign investment and foreign direct investment, the number of foreign investments in Tehran and its cities will increase significantly.
An important part of Iran's strategy is to acquire land and real estate that Tehran hopes will benefit it after the war with Assad at the helm ends. The more Iranian property, the more Iran would have the ability to maintain a strong military presence in Homs, analysts say. However, it is important to note that it is too early to measure the impact of Iran's land-purchasing strategy, as in many cases attempts to buy real estate have generated anti-Iranian sentiment among the local population.
There has never been a rating system for real estate agencies in the Iranian market, but that will change. They are available in other countries such as the United States, Canada, Germany, France and the United Kingdom. In Iran, Tehran-based online real estate platform Zillow has created a rating agency to help home buyers make better decisions. This is the first time that an agency with an evaluation system has been established in Iran to help customers find the right deal.
Statistics on the construction sector in Iran, including the number of residential and commercial buildings, construction projects and construction sites. Data from the National Bureau of Statistics (NBS) of the Iranian Ministry of Housing and Urban Development (DAR) for the end of March 2017.
The resulting price increases have begun to affect the demographics in Tehran itself and, above all, rents. Wealthy Iranians buy real estate as an investment to hedge against currency depreciation. Since the fall of the rial, Iranians have used gold as their preferred currency for real estate and other investments.
This has caused property prices in Tehran and other major cities in the country to rise sharply. There is a significant difference in value between the gold prices in Iran and the US dollar.
According to the latest data from the Central Bank of Iran, the number of apartment rentals in Tehran and other major cities in Iran increased between May 21 and June 20 compared to similar months last year. This is the third month of the Iranian year in which it has reported a rise in land and home prices, as well as a rise in property prices. According to the Ministry of Housing and Urban Development (MOHU), rents and prices for land and homes have increased in the last two months. According to a recent report, rents for all residential owners in all cities of Tehran, Mehrabad, Shiraz, Khorramshahr, Kermanshah, Mashhad and Khorasan increased in May, June and July of this year. It found that 80.9 per cent of homes were up compared with the previous month, up from 70.5 per cent in April and 68.7 per cent a year ago.
The real estate market accounts for about 20 percent of Iran's total real estate market, said Ali Alika, an economist at the International Monetary Fund (IMF) in Tehran. Economists see the market continuing to rise as Iranians look for a store of value for real estate because of interest rates and inflation. Iranian demand is rising and the possibility of buying land and real estate is of course leading to more inflation in the real estate markets, "Alika said. As long as Iran exists, the wait is a key factor in calculating and guaranteeing the ability to buy real estate, according to the economist.
Syrian law does not currently allow foreign citizens to own or buy real estate, but Iran seems to have exclusivity in this area. According to a 1995 decree published on the Iranian Foreign Ministry's website, foreigners with permanent residence permits must obtain a permit from the Iranian Foreign Ministry to purchase real estate in Iran. Although interest in real estate in Syria has increased since the rebel uprising began in 2011, analysts say it is not new.