Foreigners bought $524 million in properties. Arabs top buyers list

Foreigners bought
$524 million in properties
Arabs top buyers list
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Foreigners from 58 nationalities bought 1,364 real estate properties, worth $524 million in 2017, according to figures from the Real Estate Registry. The figures are of similar value to 2016. They represent two percent in number, and five percent in value, of the total number of transactions during the year.

The top five nationalities that purchased property in the local market are: Saudi Arabian ($109 million), Syrian ($83 million), Kuwaiti ($19 million), Qatari ($14 million), and Jordanian ($13 million).

Aboudi Farkouh, Chairman of Forefront Development, said: “Some foreigners have bought property at Beirut’s new waterfront. They had to be recorded last year, after they have settled the cost.”

Foreign companies purchased property worth $82 million. This kind of companies is exempted from the 15 percent profit tax.

Companies that allow foreign ownership of their shares have purchased $73 million worth of property as well.

Middle Easterners account for half of all property buyers. They are followed by Europeans (eight percent), and Americans (four percent).

Reported by Yassmine Alieh
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Date Posted: Feb 02, 2018