Lebanon Businessnews News

Real estate starts recovery
Construction permits and recorded sales up in Q1. Beirut doubles area in permits for construction
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The total number of transactions in the first quarter of 2014 reached 15,834 recording an increase of 14 percent year-on-year. The value of these transactions totaled $2 billion, rising by 33 percent. The average value per transaction grew by 14 percent to $126,000.

Transactions were split almost evenly between built properties (7,467) with a 31 percent rise, and un-built properties (8,561) with 13 percent increase.

The number of sales transactions remains the highest in Baabda, increasing by 17 percent to reach 3,442 with a value of $441 million. It is followed by the North (2,529) valued at $135 million, Kesrouan (1,897) $226 million, Metn (1,866) $399 million, Zahle (1,644) $68 million, the South (1,599) $102 million, and Nabatieh (1,329) at $62 million. Beirut had the least transactions with 1,091. However, it is has the most expensive transactions estimated at $611 million.

The total area of construction permits rose by 32 percent to 3.4 million square meters. Beirut recorded the highest increase with 127 percent, reaching 291,000 square meters. Mount Lebanon accounted for 44 percent of the overall area with registration at 1.5 million square meters. The North followed with a total registered area of 661,000 square meters. The South accounted for 383,000 square meters of registered construction area. The area of construction permits in Nabatieh represented 277,000 square meters, and the Bekaa 251,000 square meters.

The total number of construction permits rose by 16 percent to 4,348. The number of construction permits is the highest in Mount Lebanon reaching 1,905. It is followed by the South (704), and Nabatieh (565). The North grew to 542 construction permits, Bekaa (415), and Beirut (217).  

Reported by Yassmine Alieh
Date Posted: Apr 30, 2014
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