Property sales are on the rise. 26 percent growth for foreigners - Lebanon

Property sales
are on the rise
26 percent growth for foreigners
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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.

Number and value of sales transactions in H1 2017
RegionBeirutBaabda-Chouf-AleyMetnKesrouanNorthSouthNabatiehBekaa
Number2,4377,0673,6323,4165,5343,4493,0843,875
Value (million$)1,171967830468382339135168
Source: Real Estate Registry

Growth in sales to foreigners H1 2017 vs H1 2016
CazaGrowth (%)
Beirut-12
Baabda-Chouf-Aley22
Metn21
Kesrouan8
North50
South80
Nabatieh-47
Bekaa200
Total26
Source: Real Estate Registry

Number of built and unbuilt property sales transactions till June 2017
2017BeirutBaabdaMetnJouniehTripoliSaidaNabatieh ZahleTotal
Built2,1604,5042,7461,9012,6401,6931,13666017,440
Unbuilt2832,5841,0291,5222,8932,0582,1513,22615,746
Source: Real Estate Registry
Reported by Yassmine Alieh
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Date Posted: Jul 26, 2017