Since the eruption of the pretests in October 2019, the Real Estate sector has been witnessing a significant dynamic activity. In fact, the increase in demand and prices is mainly due to wealthy investors trying to diversify their assets following the capital control and restrictions set by commercial banks.
According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of real estate (R.E) transactions which may include one or more realties, rose by a yearly 37.85% to stand at 10,834 transactions by February 2020. In its turn, the value of total RE transactions stood at $1B, up by an annual 67.87% over the same period. As such, the average value per transaction increased from 134,375 by February 2019 to 163,629 in the same period this year.
In addition, the foreigners’ share of the total number of real estate transactions stood at 0.87% by Feb.2020, down from 1.90% in the same period last year. As such, foreigners executed 80 transactions in February 2019 compared to 94 in February 2020.
In a regional breakdown, the largest number of transactions was executed in Baabda, which grasped a share of 19.48% of the total (the equivalent of 2,110 transactions) worth $196.74M by Feb 2020. The North and Metn followed, with stakes of 14.12% and 13.22% of total transactions, worth $188.60M and $334M, respectively. Moreover, the South constituted 12.03% of total real estate transactions worth $141M over the same period.
Total Number and Value of Real Estate Transactions by February