A luxury home in Tehran. Undated
Amid a deep economic crisis and widespread poverty, Iran’s capital Tehran boasts of luxury penthouses and villas, ranging in price from 7-15 million dollars.
In Iranian currency the prices seem even more outrageous, ranging from 2-4 trillion rials. The average monthly income of an employee is less than $150 in Iran. An ordinary 1,000sqf apartment can be fetched for well under $100,000 but the great majority of Iranians cannot afford that.
Fararu news website in Tehran wrote that these super-expensive properties are rarely sold, but the owners seem not to mind very much. The reason could be that in an unstable economy, with a falling national currency that has lost its value tenfold in four years, real estate is a sure way of protecting wealth.
Rumors have it that a penthouse apartment was recently sold for $10 million, and Fararu says similar properties are cheaper in Beverly Hills, California than in Tehran’s exclusive neighborhoods. It has compared a 9,000sqf penthouse apartment in Tehran which is priced at $15 million with a much larger property in Beverly Hills offered for $7.5 million.
Properties ranging around 10,000sqf of living space typically feature a roof garden, fitness, jacuzzi, 5-6 bedrooms. a luxurious and large living room and sometimes a swimming pool.