According to the Orders of Engineers in Beirut and the North, the number of permits rose by 3.52% year-on-year (y-o-y) to 1,175 during the first month of 2017, versus 1,135 during the same period in 2016.
In details, the rise in the number of permits in the North Region, by a yearly 37.23% to 188 permits in January, was the main driver behind the overall increase in total number of construction permits. This proves the positive impact of the stable security situation on the construction activity in the area, the region’s share of total construction permits increased from 12% by January 2016 to 16% by January 2017. Nonethless, the other regions, constituting the remaining 84%, witnessed a yearly drop of 1.10%.
On a different note, the total construction area authorized by permits (CAP) slightly rose from 811,183 sqm by January 2016 to 832,317 sqm by January 2017. Nonetheless, data revealed that investors’ preferences are shifting towards smaller construction projects as the average area per transaction fell from 715 sqm/permit in January 2016 to 708 sqm/permit in January 2017.
Number of Construction Permits
Source: Orders of Engineers in Beirut and North