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 769% to stand at 17,997 transactions by February 2022. In its turn, the value of total RE transactions stood at $2.69B by February 2022, compared to $290.26M in the same period last year, up by 829.31%. The massive yearly increase is due to last year significant market interruptions amid pandemic restrictions. Moreover, compared to year 2020, in which there was no epidemic, the increase is remarkable driven by higher demand as RE sales fees are to be calculated at the Sayrafa rate in the new proposed budget.
On a monthly basis, the number of RE transactions stood at 10,665 in the month of February 2022, compared to only 589 transactions same period last year. For instance, a substantial 1,842 transactions, or 17.27% of total RE transactions, were concentrated in the region of the South alone in the month of February 2022. Meanwhile, Baabda, Nabatieh and Keserwan, each grasped the respective shares of 16.79%, 13.98%, 12.95% of the total RE activity in February 2022.
Moreover, the breakdown of RE activity regionally for February 2022 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 14.18% and worth $382.54M, while South and Keserwan followed, constituting 9.44% and 6.21% of the total, each worth $254.74M and $167.41M, respectively.
RE transactions by February 2022
Source: CADASTRE, BLOMINVEST