According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of Real estate (RE) transactions which may include one or more realties, went up by a yearly 28.87% to stand at 58,053 transactions by August 2021. In its turn, the value of total RE transactions stood at $8,575.8M by August 2021, compared to $8,389.1M in the same period last year, up by 2.23%.
Monthly speaking, the number of RE transactions stood at 10,129 in the month of August 2021, compared to 7,438 transactions in August 2020. For instance, a substantial 2,659 transactions, or 25.54% of total RE transactions, were concentrated in the region of the Baabda alone in the month of August 2021. However, Metn, South and Nabatieh each grasping the respective shares of 12.25%, 11.18%, 10.85% of the total RE activity in August 2021.
Moreover, the breakdown of RE activity regionally for August 2021 showed that Beirut is the one that grasped the lion’s share of the total value of RE transactions, equivalent of 31.7% and worth $456.56M, while Baabda and Metn followed, constituting 17.88% and 15.91% of the total, each worth $257.52M and $229.418M, respectively.
It is worth noting that as the Lebanese lira gained value against the US dollar following the formation of Najib Mikati’s cabinet, it has positively affected the prices. But that’s not going to revive the market going forward. As such, the market will only recover especially volume-wise when the Lebanese lira becomes stable against the US dollar and the economy is one rebounding path.
RE transactions by July 2021
Source: BLOMINVEST, CADASTRE