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 394.74% to stand at 7,732 transactions by the first month of the year 2022. In its turn, the value of total RE transactions stood at $1.29B by January 2022, compared to $223M in the same period last year, up by 481.02%.
Of course these statistical comparisons form year to year need some clarification. In details, the giant increase in RE transactions in January 2022, compared to January 2021, is mainly linked to the likely decision of Mikati’s government to calculate the fees from RE sales contracts at the Sayarafa rate instead of the official rate 1,507.5. Many investors were trying to finalize sales agreements in January 2022 before the government decision might become applicable. That is an addition to the motive to acquire real estate as a reliable store of value.
Moreover, the breakdown of RE activity regionally for January 2022 showed that “Keserwan” grasped the lion’s share of the total value of RE transactions, equivalent of 15.08% and worth $248.138M, while North and Baabda followed, constituting 14.66% and 13.27% of the total, each worth $99.797M and $88.993M, respectively.
RE Transactions by January