Price reduction of houses in Tehran has started from luxury apartments in expensive areas of Tehran and now continues in other areas of the city! The house price has reduced 3 million Tomans per square meter on average. Not only new-built houses but also old buildings are priced lower. For example a luxury apartment (not new-built) in Niavaran area of Tehran that was priced 38 million Tomans per square meter 2~ 3 months ago, now is 35 million Tomans per square meter. But the real estate market is so sluggish; hence this price reduction has no influence and cannot encourage buyers to purchase houses.
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