When comparing the price of the dollar and real estate over the past decade, we observe a significant increase in both markets. To get a closer look at these two markets, let’s consider a real example. In 2011, a residential property in a prime, luxury area of Tehran was sold for 10 million tomans per square meter. At that time, the U.S. dollar was worth 1,500 tomans, making the value per square meter approximately $6,660.

By 2024, the price of a similar property in the same example has risen to an estimated 952 million tomans per square meter. Given that the U.S. dollar is now at 68,000 tomans, the value per square meter is equivalent to $14,000.

Over this 13-year period, real estate prices have increased roughly 95 times, while the price of the dollar has risen around 45 times.

To calculate the real growth in property value over these years without the influence of the dollar, let’s assume the dollar remained constant. Therefore, in 2024, each square meter valued at $14,000 would be worth 21 million tomans at the rate of 1,500 tomans per dollar. This indicates that real estate over these 13 years saw an approximate increase of 110%, with an average annual growth rate of 8%. Meanwhile, the price of the dollar increased by 4,400% over this period, averaging a yearly growth of 338%.