The property market has witnessed an improvement in the number of recorded sales transactions during the first half of the year compared to the same period of 2016, according to figures released by the Real Estate Registry.
The number of property sales transactions increased 12 percent to 33,584 with a combined value of $4.5 billion, also up 12 percent. The value per transaction averaged $134,000, almost unchanged from the same period last year. This indicates that property selling prices are falling.
Walid Moussa, Chairman of the Real Estate Syndicate in Lebanon (REAL), said: “This year has witnessed positive changes, such as the delivery of large-sized projects.”
“A lot of projects that were launched during the property boom of 2009-2010 are just being delivered since some of them witnessed delays in delivery,” he said.
The number of recorded sales to foreigners grew 26 percent. The number of transactions grew in all cazas, except Nabatieh and Beirut.
Sales of built property are the highest in the cazas with the highest urban concentration: Beirut, Baabda, Metn, and Kesrouan. Unbuilt property sales are the highest in Zahleh, Nabatieh, the South, and the North.