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 43% to stand at 32,288 transactions by April 2022. In its turn, the value of total RE transactions stood at $4.47B by April 2022, compared to $3.54B in the same period last year, up by 26.23%. In fact, the Real Estate market followed a correction by registering a substantial increase in transactions in the years of 2021 and 2022 mainly driven by post-stagnation period due to the crisis. Demand went up as there was a glut of housing available in the market and no loans and facilities; prices dropped due to less demand in the market which stimulated the consumers’ behavior. However, favorable increase in demand would push prices a bit higher and thus would cool down the market.
As such, on a monthly basis, the number of RE transactions stood at 4,547 in the month of April 2022, compared to 9,398 transactions in April 2021. In details, a substantial 2,028 transactions, or 21.58% of total RE transactions, were concentrated in the region of the Baabda alone in the month of April 2022. Meanwhile, North, Zahle, and South, each grasped the respective shares of 14.66%, 11.89%, 11.69% of the total RE activity in April 2022.
Moreover, the breakdown of RE activity by value for April 2022 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 22.58% and worth $281.54M, while Baabda and Metn followed, constituting 22.41% and 17.86% of the total, each worth $279.40M and $222.71M, respectively.
RE transactions by April
Source: CADASTRE, BLOMINVEST