Total real estate transactions inched up by a yearly 1.06% during the first seven months, to reach 39,255 transactions.
Total value of property sales transactions surged by 9.69% year-on-year (y-o-y) to $5.10 billion by July. Hence, the average value of real estate transaction went up from $119,766.28 in the first 7 months of 2013, to $129,955.20 in 2014.
Sales to foreigners plummeted by an annual 20.33%, settling at 572 transactions. Moreover, foreigners took a share of 1.46% of total real estate transactions by July 2014, compared to a higher share of 1.85% during the same period last year. This implies that Lebanese residents and non-residents are the principal factors behind the improvement in the real estate market.
The Lebanon Brief –BLOM Bank