You're right about the valuation making more sense, but I have no doubt real estate in Iran will surge to unimaginable levels in time. The number of people able to afford it will shrink a lot, but prices will barely budge (even in dollar terms) in the long run. The real estate valuation in the middle east is different than what we have here in North America. It's the ultimate form of wealth in practice.
As of right now, there are almost no sellers in the market. Once Rial's fall slows down (in the next year or so), housing will once again become the raging monster that it always has been. It'll be a superb buying opportunity between now and whenever things settle down a bit.