Property sales continue to drop
Baabda has highest
number of transactions
Real estate sales fell by seven percent in the first half of 2013 to 31,943 transactions. Built property sales totaled 14,330 transactions. The value of all the transactions stood at $3.8 billion, down by 25 percent year-on-year.
Foreigners’ share of real estate sales was 594 transactions. Ramzi Tafesh, CEO of Stonemason Contracting and Development, a Beirut-based general contractor firm, said the real estate market is expected to further slump if part of the Lebanese community working in the Gulf countries were deported. “The probability of buying real estate is almost nil for expats who return to work in the country, due to their significantly lower income here," said Tafesh.
The number of sales transactions was highest in Baabda (7,028), followed by the North (5,429), Zahle (4,331), the Metn (3,734), Kesrouan (3,193), the South (2,978), Nabatieh (2,660), and Beirut (2,082).
“Residential units in Baabda and the Metn cater for all budgets, ranging from as low as $150,000 to a high of $500,000, this is why most sales took place in these two locations,” said Tafesh. Beirut, has become very expensive since the main category of property buyers there now consists of bachelor expats who purchase 90 square meter studios for their brief stays in the country.
Reported by Yassmine Alieh
Date Posted: Jul 16, 2013