Tehran Municipality begins public offering of the “Khanehriz” plan; a scheme that allows citizens to buy very small portions of a residential unit.

Novid Khasabaf, managing director of the Tehran Municipality’s Organization for Investment and People’s Participation, said the value of each Khanehriz equals one hundredth of a square meter from a specific project.

According to him, if the price of each square meter in a project is 130 million tomans, buying each Khanehriz costs 1,300,000 tomans.

Khasabaf added that even if inflation is assumed to be zero, investors will profit from the physical progress of the project.

The meter-by-meter housing sales plan had been implemented before as well, but it did not reach its intended result, and small-scale funds shifted toward the dollar and gold.