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 down by a yearly 15.27% to stand at 40,366 transactions by July 2022, compared to 47,640 transactions same period last year. In the same token, the value of total RE transactions stood at $5.82B by July 2022, 18.41% lower compared to $7.13B in the same period last year.
In more details, on a monthly basis, the number of RE transactions stood only at 445 in the month of July 2022, compared to 8,366 transactions in July 2021. In details, a substantial 403 transactions, or 90.56% of total RE transactions, were concentrated in the region of the South while the rest was divided between Mahakem and Nabatieh region with 28 transactions and 14 transactions, respectively. Shockingly, the rest of regions did not record any real estate transactions for the month of July leaving the South and Nabatieh the two only regions registering real estate transactions for the Month of July.
Meanwhile, the breakdown of RE activity by value for July 2022 showed that South grasped the lion’s share of the total value of RE transactions, equivalent of 90.14% and worth $54.23M, while Mahakem and Nabatieh constituted 8.34% and 1.52% of the total, each worth $5.02M and $913.17K, respectively.
We believe that the demand for Real Estate is still elevated especially with the unknown recovery path for the country. However, the sharp drop during the month of July could be a result of massive strike for major public institutions and public employees which may have hampered the Real Estate transactions process and caused significant low numbers of transactions, but apparently not for the south and Nabatieh!.
RE transactions by July
Source: CADASTRE, BLOMINVEST