According to the Real Estate Advisory Agency RAMCO, the average size of an apartment under construction in Beirut stood at 182 SQM in 2017, 8% lower than 2016’s average. Moreover, between 2009 and 2017, the average size of a new apartment in Beirut has shrunk by 128 SQM.
In details, the study covered 269 buildings under construction across Municipal Beirut and showed that this trend has started since 2014 in an effort to meet the new demand of potential buyers. In fact, the typical client profile would be a bachelor, a young couple or even an investor aiming to place the property on the rental market. The developers have thus adapted their offers by shrinking the size of apartments in Beirut in general and Ashrafieh in particular where 33% of projects currently under way offer apartments under 100 SQM. On the other hand, Western Beirut is still lagging behind with only three projects out of the 172 buildings under construction offering apartments of this size.
As for new apartments in Beirut Central District, Raja Makarem, Founder and Managing Director of RAMCO sarl, stated that three projects will offer studios starting 55 SQM.
Evolution of the Average Size of a new apartment in Municipal Beirut and its yearly growth