The civic protests that erupted starting October 17th across the country and the ensuing financial and economic developments negatively impacted the real estate and construction sector over the period, as shown by the latest figures released by the order of engineers of Beirut and Tripoli.
In fact, the total number of construction permits dropped by an annual 19.37% to stand at 10,354 permits by November 2019. The respective Construction Area Authorized by Permits (CAP) in its turn slumped by a yearly 32.06% to 5.7M square meters (sqm), corroborating investors’ affinity for smaller construction areas for their projects.
In a regional breakdown, Mount Lebanon grasped the lion’s share of issued permits amounting to a stake of 33.84% of the total. In detail, the construction permits issued within the region stood at 3,504 permits by November 2019, down by a yearly 27.7%. Meanwhile, the South of Lebanon (composing 21.77% of total) accounted for 2,254 construction permits, down by a yearly 10.94%. In turn, the North ranked 3rd grasping a stake of 15.46% of total construction permits issued or the equivalent of 1,601 permits by November 2019. Nabatiye (13.5% of total) and the Bekaa (9.46% of total) followed, with the number of construction permits falling by an annual 17.47% and 19.61%, to settle at 1,398 and 990 permits, respectively. Beirut (5.96% of total) witnessed a marginal downtick of 0.48% year-on-year in the number of construction permits to stand at 617 permits over the same period.
Number of Construction Permits by November
Source: Orders of Engineers in Beirut & Tripoli