The number of real estate transactions (local and foreign transactions) stood at 51,096 in the first 10 months of the year, with an 11.52% yearly decline from 57,751 during the same period last year. Their value reached $6.46B, dropping by an annual 12.74%, 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 October 2015 plunged by 29.82% from October 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 1.55% to 2.22% by October of this year.
On another note, average value of real estate transactions fell by 1.38% y-o-y from $128,280 by October 2014 to $126,514 by October of this year.
In October alone, the total number of real estate transactions (including detached real estate transactions) was at 7,449, 8.52% lower than in October 2014. In details, detached real estate transactions regressed from 3,552 (foreigners grasping 2.76%) in 2014 to 3,228 (foreigners grasping 3.41%) in 2015. Similarly, land transactions fell to 3,626 (foreigners grasping 0.36%) from a higher level of 3,679 (foreigners grasping 0.46%), over the same period. In addition, building transactions fell from 617 (foreigners grasping 0.81%) in 2014 to 593 (foreigners grasping 0.34%) in October 2015. In terms of regions, North of Lebanon grasped 16.15% of total real estate transactions, while Mount Lebanon, South Lebanon and Beirut took respective shares of 10.89%, 6.80 and 4.70%.
Total Real Estate Transactions by October