Real estate demand mainly faltered in 2013 as the economy remained under stress coupled with the fragile internal situation and the ongoing Syrian war spillovers. The lack of data in the sector undermines the estimation of real estate demand. The size of current local demand cannot be assessed accurately as updated income distribution and housing ownerships are not available, noting that remittances from the large Lebanese diaspora contribute substantially to the uphold of domestic demand as well as the growth potential for the real estate.
Domestic and regional uprisings severely hit the property sector demand since 2011. Real estate consultant, RAMCO, launched a study on Beirut residential projects completed in 2012 showing that, 18 projects (or 28%) out of 65 residential projects with an asking sale price at or above USD 2,800 per square meter (SQM) were completely sold out. According to data collected by the RAMCO’s Research Team, 217 units in buildings completed during the course of 2012 remain on the market, representing a total of 71,361 SQM of built-up residential area.
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2014-01-Lebanese Real Estate and Construction Markets Round Out 2013 with Fading Appeal