Page 50 - IRANRptDec19

Meanwhile, IBENA—Iran’s financial and regulatory news agency—has reported that Iran and Syria have agreed an investment and customs agreement.
Iranian Ministry of Roads and Urban Development, Mohammad Eslami was cited as saying: “From this day forward, the private sector will enjoy a new atmosphere for cooperation with Syria.”
He added: "Over the past year, great strides have been made by the Joint Economic Commission between Iran and Syria with programme developments and exchanges increasing."
Islami said that the “victory of the resistance in Syria” has provided further ground for cooperation, noting that Syria's housing and construction projects were among Iran’s top priorities in helping the Syrian leadership in the post-conflict years.
The minister added that that the maximum permitted share of an Iranian company in a Syrian business was now 49% and that the committed capital for an investment project in Syria should be at least Syrian pound (SYP) 100mn ($194,000).
The average price for a square metre of a residential unit in Tehran stood at Iranian rial (IRR) 127mn ($3,016 at the official exchange rate, $1,123 at the free market rate) at the end of the Persian calendar month of Mehr (ended October 22), marking 0.4% m/m and 47.7% y/y increases, ILNA has reported citing Central Bank of Iran (CBI) data.
The CBI surveys the property market via its online residential sales system which logs sales on the national level. The severe devaluation of the rial together with soaring inflation in the past year and a half since the US reintroduced heavy sanctions against Tehran has wrought some havoc with Iran’s property market.
Also according to the official data, the total amount of residential unit transactions in the Iranian capital of 15.2mn people in Mehr reached 3,400, up 22.0% m/m and down 63.7% y/y.
District 1, consisting of uptown neighbourhoods, had an average price of IRR269.6mn per sqm, while District 2, also uptown, had an average price of IRR219.9mn per sqm.
At the other end of the scale is District 18. It appears to now be the cheapest area in Tehran with an average per sqm value of IRR55.2mn. District 19 was a little more expensive at IRR61.75mn.
The most sales in the cited calendar month were seen in moderately priced District 5, which accounted for 15.1% of all sales. It was followed by Districts 2 and 4 with 9.1% and 7.9% shares of sales, respectively.
50​ IRAN Country Report​ December 2019 www.intellinews.com