Real Estate in Iran

 

Real Estate in Iran

• Real Estate in Iran
  • Is it possible for a foreigner to purchase an immovable property in Iran?
    • The declaration letter, should have the following information:
  • Foreign legal entities who are willing to have a property in Iran
  • Permission of the Ministry of Foreign Affairs
  • What is the practical solution for a foreigner who wants to buy a real estate in Iran without having the difficulties of the permission?

 

Is it possible for a foreigner to purchase an immovable property in Iran?

The above question, is the most frequent inquiry that I have received from my non-Iranian friends.

Real Estate in Iran Law

To answer this question, we have to refer to the Regulations on Acquisition of Real Property by Foreign Nationals (1948).

According to Article 1 of the above Regulations, a foreigner who is willing to have a real property for residence, business or industrial purposes, shall submit his/her request in the form of a declaration letter to the local Real Estate Registry Office.

The declaration letter, should have the following information:

1. Personal, professional and family information of the applicant;
2. Entrance date to Iran, duration of residence and locations of residence;
3. The reason of ownership by specifying whether it is for residence, business or industrial activities;
4. The detailed information of the appointed property;
5. The clean criminal record;
6. Permanent residence permit.

Important Note:  

The foreign applicant must undertake in the declaration request to transfer the property to a third person within a duration of six months since leaving Iran permanently. Otherwise, the authorities will sell the property in an auction and give back the sale price to the owner.

 

Foreign legal entities who are willing to have a property in Iran

For the foreign companies who are willing to purchase a property for their business in Iran, the process is almost similar. The companies should provide the Registry Office with the following documents:

1. The information of the legal entity;
2. The information of the appointed property;
3. Certain amount of money as deposit to guarantee the implementation of the transfer after leaving the country.

 

Permission of the Ministry of Foreign Affairs

The application, after having reviewed and confirmed by the registry Office, should be sent to the Ministry of Foreign Affairs. The Ministry will make the final decision regarding the acceptance or refusal of the application.

 

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Real Estate in Iran