$6.8 billion in property sales
50,000 transactions in 2019
Highest activity was in December
The number of real estate sales transactions reached 50,000 at a value of $6.8 billion in 2019, according to figures released by the General Directorate of Land Registry and Cadastre (GDLRC).
Sales are down 17 percent from 2018. The average value per transaction in 2019 reached $135,873, almost two percent increase compared to 2018.
The highest number of sales transactions was recorded in the last month of the year. The number of real estate transactions reached 6,189 in December.
Beirut ranked first in value of transactions, and last in the number of deals. It represented 35 percent of overall transaction value.
Baabda ranked first in terms of the number of transactions, and third in terms of value. It represented 16 percent of the overall number of transactions.
The 2019 figures are the lowest since 2004. Sales have been declining steadily in the past years except for 2017, which was exceptional due to a reduction of built property tax by LL20 million and the registration fees from five to three percent for properties whose maximum value is $250,000. This encouraged the recordation of sales transaction closed in previous years but were not registered by their owners, to save on fees, or in anticipation of this reduction.
Reported by Gisele Khalaf
Date Posted: Jan 15, 2020