May 3, 2017

Real estate transactions in Lebanon valued at $2.34 billion in 3 months

Figures released by the Ministry of Finance indicate that there were 17,081 real estate transactions in the first quarter of 2017, constituting an increase of 14% from 14,985 deals in the same quarter of 2016. In comparison, the number of real estate transactions rose by 15.7% year-on-year in the first quarter of 2016, while it decreased by 18.2% in the first three months of 2015. There were 3,371 real estate transactions in the Baabda area in the first quarter of 2017, representing 19.7% of the total. The North followed with 2,914 transactions (17.1%), then the Zahlé region with 2,020 transactions (11.8%), the Metn district with 1,836 transactions (10.7%), the South with 1,753 transactions (10.3%), the Keserwan area with 1,750 transactions (10.2%), Nabatieh with 1,650 transactions (9.7%) and Beirut with 1,248 transactions (7.3%).

Also, the aggregate value of real estate transactions reached $2.34bn in the first quarter of 2017 and increased by 10% from $2.13bn in the same period of 2016. In comparison, the value of real estate deals increased by 31.1% in the first quarter of 2016 relative to the same quarter of 2015, while it declined by 21% year-on-year in the first three months of 2015. The value of real estate transactions in Beirut reached $647m and accounted for 27.7% of the total in the first quarter of 2017. The Baabda district followed with $487.7m (20.8%), then the Metn region with $386.9m (16.5%), the Keserwan area with $253m (10.8%), the North with $212.4m (9.1%), the South with $173.6m (7.4%), the Zahlé area with $80.2m (3.4%) and Nabatieh with $71.6m (3.1%).

In parallel, the average value per real estate transaction was $136,975 in the first quarter of 2017, down by 3.5% from an average value of $142,002 in the same quarter of 2016 and relative to $125,363 in the first quarter of 2015. Further, there were 282 real estate transactions executed by foreigners in the first quarter of 2017, reflecting an increase of 17.5% from 240 deals in the first three months of 2016, and compared to an annual decrease of 21.8% in the first quarter of 2016 and a rise of 30.6% in the same period of 2015. The number of real estate transactions by foreigners accounted for 1.7% of total real estate deals in the first quarter of 2017 compared to 1.6% of deals in the same period of 2016 and to 2.4% of deals in the first quarter of 2015. In parallel, 31% of the real estate transactions executed by foreigners were in the Baabda district in the first quarter of 2017, followed by the Metn region (15.2%), Beirut (14.5%), the South (11.7%), Zahlé (10.3%), the Keserwan area (9.6%), the North (6.4%) and Nabatieh (1.4%).

 

Source:

www.ifpinfo.com

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