Total real estate transactions (local and foreign transactions) stood at 39,783 in the first 8 months of the year, with an 11.49% yearly decline from 44,945. Furthermore, those total transactions were worth $5.06B, dropping by an annual 13.72%, over the same period.
Following the Arab Spring in 2010 and the Syrian conflict in 2011, demand for real estate had weakened significantly as the six-month moving average by August 2015
tumbled by 32.74% from August 2010. Furthermore, the six month moving average portrays a seasonal effect as the main descents are experienced in H1 of each year, ensued by a recovery in the second half of the year. However, this seasonal effect confirms the declining trend in the real estate with crest points illustrating drops from year to year.
In contrast, figures revealed that foreigners’ share of total real estate transactions went up annually from 1.48% to 2.30% by August of this year.
On another note, average value of real estate transactions went down by 2.53% y-o-y from $130,489 by August 2014 to $127,187 in the same period this year.
Total Real Estate Transactions by August