Real estate advisory firm RAMCO recently released its latest price mapping of the residential real estate market within the Municipal limits of the capital Beirut.
The prices are those of stock under construction in Beirut, sorted by neighborhood.
RAMCO revealed that across 67 neighborhoods of Beirut, “the average starting sales prices of apartments under construction vary widely from USD 2,000 to USD 8,500 per SQM on the first floor. “
The report highlights the fact that the prices are “asking prices as posted by developers, which exclude any margin of negotiation and any potential discount offered during the purchasing process.”
Below the conclusions drawn by RAMCO as mentioned in their official press release:
- Between 2016 and 2017, prices have dropped in 34 out of the 67 neighborhoods of the capital covered by the study. That’s 50% of the neighborhoods, slightly fewer than in 2016, where prices dropped in 52% of the neighborhoods covered by the study.
- There has not been a systematic drop in the prices of apartments in the highest price tier of the market. In neighborhoods with average starting prices at USD 4,000 per SQM or above, price changes are almost equally split between price increases (30%), price drops (40%), and stable prices (30%). The two most expensive neighborhoods, for instance, namely Manara and Saifi Village, have retained the same prices as last year.
- Price drops affect even some of the neighborhoods with the lowest asking prices, such as the central neighborhoods between Bachoura and Kaskas, and most of the neighborhoods on the eastern edge of Ashrafieh.
- Some mid-market neighborhoods, such as Sioufi, Beddawi, or Sakiet el Janzir, have seen their average prices increase. Overall, 23 neighborhoods (about 34%) post a price hike over last year. Typically, such price hikes are due to the introduction of new residential projects, which pull prices upwards.
- Some neighborhoods were able to retain their value, remaining relatively stable year-on-year. Typically, these are neighborhoods in good demand with a steady quality of supply, such as Sursock, Saifi Village, Monnot, Kobayat, Kantari, or Manara.