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 1.65% to stand at 39,921 transactions by June 2022. In contrast, the value of total RE transactions stood at $5.75B by June 2022, 2.55% lower compared to $5.91B in the same period last year.
In more details, on a monthly basis, the number of RE transactions stood at 2,620 in the month of June 2022, compared to 9,260 transactions in June 2021. In details, a substantial 1,826 transactions, or 19.72% of total RE transactions, were concentrated in the region of the Baabda alone in the month of June 2022. Meanwhile, North, Metm, and South, each grasped the respective shares of 15.90%, 12.34%, 11.04% of the total RE activity in June 2022.
Moreover, the breakdown of RE activity by value for June 2022 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 40.36% and worth $151.57M, while South and North followed, constituting 22.58% and 10.88% of the total, each worth $84.80M and $40.87M, respectively.
The Real Estate market has been broadly perceived as the safest investment for the Lebanese since the eruption of the economic and financial crisis. Thus far, the demand for owning a real estate in Lebanon remained high but with a slower pace of expansion compared to last year as most vendors have gradually started to request payments to be in fresh dollars, thus checks payments are lesser accepted as a mode of payment and according by having an adverse effect on demand.
RE transactions by June
Source: CADASTRE, BLOMINVEST