The Real Estate Sector saw a 4% drop in price in Municipal Beirut

According to the latest study conducted by RAMCO Real Estate Advisers, covering 345 residential buildings under construction across Municipal Beirut, the average price of a 1st floor is of $3,720 per SQM. This figure marks a 4% drop on the average price between 2014 and 2015 due to the low demand on the real estate market pushing developers to ask for a slightly lower price. However, the average asking price in Beirut Central District (BCD) records the highest market price at $6,679 per SQM for 1st floor apartments averaging 331 SQM. Accordingly, developers are offering one apartment for $2,210,749 on average. Outside BCD, high-end neighborhoods (Ain el Tineh, Sursock …) charge between $4,900 and $5,250 per SQM while mid-market neighborhoods of Ashrafieh post prices around $2,600 per SQM. It’s worth mentioning that all of the prices above don’t take into consideration the negotiation margins that actually take place on the market.

Average Price (on the 1st floor) of an apartment under Construction in Municipal Beirut
Neighborhood BCD Ashrafieh Ras Beirut Municipal Beirut
Average Unit Price (USD/SQM) 6,679 3,607 3,574 3,720
Average Size (SQM) 331 229 229 238
Average Total Value (USD) 2,210,749 826,003 818,446 885,360

 

Source: RAMCO sarl

Leave a Reply

Your email address will not be published. Required fields are marked *