Iran: Guide to Buying Costs and Procedures
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High costs for new constructions in Iran
How high are realtors’ and lawyers’ fees in Iran? What about other property purchase costs?
Transaction Costs |
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| Who Pays? | ||
| Stamp Duty | 3% - 5% | buyer |
| Transfer Tax | 5% - 15% | buyer |
| Registration Fee | IRR320,000 (US$35) | buyer |
| Costs paid by buyer | 8% - 20% | |
| Costs paid by seller | nil | |
| ROUNDTRIP TRANSACTION COSTS | 8% - 20% | |
| See Footnotes Source: Global Property Guide |
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How difficult is the property purchase process in Iran?
Foreigners may own or lease property in Iran provided such property is for commercial or industrial use, or for a personal residence. Foreigners may not own agricultural lands. If a foreign resident changes his domicile, he is required to transfer the title of his immovable property to an Iranian or a duly qualified foreigner within six months of departure, to prevent adjudication by the Land Registration Office.
For non-residents, the Council of Ministers may grant the right of ownership of a dwelling to foreigners who lack permanent residence permit but travel regularly to Iran for tourism and seasonal recreation.
The following steps should be followed:
- Obtain a Tax Clearance Certificate from the Economic Affairs and Finance department and the municipality.
- Secure a certificate of completion of the property erected on the land from the municipality.
- Secure a social security clearance certificate must from the Social Security Organization.
- A notary then prepares and notarizes a deed.
- The notary registers the title at the Real Estate Registration Department, who sends an abstract of the deed.
According to the laws and regulations of the registration department, stamp duty is calculated as follows:
The registration also covers the writing fee of the notary.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
Currency
Iran uses Iranian Rial. Exchange rate is at US$1=IRR9,582.6 as of 27th July 2006.
Iran - more data and information
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