Total real estate transactions (local and foreign transactions) stood at 45,293 in the first 9 months of the year, with a 12.18% yearly decline from 51,572. Furthermore, those total transactions were worth $5.77B, dropping by an annual 13.43%, 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 September 2015 tumbled by 31.82% from September 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 1.53% to 2.27% by September of this year.
On another note, average value of real estate transactions went down by 1.43% y-o-y from $129,287 by September 2014 to $127,439 by September of this year.
Total Real Estate Transactions by September