Lebanon Businessnews News

Property price index
ready next year
To help investors, developers,
and valuation experts
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The Union of Orders of Engineers is preparing to launch a periodic index of apartment prices and areas, with the support of ministries and banks.

The Union will first release the unit areas in all cazas and then expand it to include average prices of these units according to area.

Joseph Abdo, Project Manager, said: “Our goal is to collect data from all stakeholders related to the valuation process and merge them into one formula.” The program would be fed daily from the different sources.

The Orders of Engineers are collaborating with the Ministry of Finance’s Cadastral Office, Ministry of Justice, Ministry of Public Works’ Directorate of Urban Planning, and the Ministry of Interior and Municipalities. They are also contacting the Central Bank and five banks.

The first index results are expected to be announced early next year. “We will start producing it annually and then every six months,” he said.

“The index will give investors and developers a clear idea about what kind of projects to start and for how much,” said Abdo. It will also provide precise data to international bodies such as the World Bank and European Union, according to Abdo.

The index will take into consideration new and old properties.
Reported by Yassmine Alieh
Date Posted: Aug 17, 2015
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