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 16.05% to stand at 48,733 transactions by August 2022, compared to 58,053 transactions same period last year. In the same token, the value of total RE transactions stood at $7.64B by August 2022, which is 10.95% lower than $8.58B in the same period last year.
In more details, the number of RE transactions stood at 8,367 in the month of August 2022, compared to only 445 transactions in the previous month of July 2022, and to 10,413 transactions in August 2021. In details, a substantial 1,671 transactions, or 19.97% of total RE transactions, were concentrated in the region of Tripoli alone in the month of August 2022. Meanwhile, Baabda, Beirut, and South, each grasped the respective shares of 17.22%, 13.51%, 14% of the total RE activity in August 2022.
Moreover, the breakdown of RE activity by value for August 2022 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 61.35% and worth $1.11B, while Keserwan and Tripoli followed, constituting 7.59% and 5.75% of the total, each worth $137.7M and $104.4M, 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. 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 started to request full payments to be in fresh dollars.
Number of RE transactions by August
Source: CADASTRE, BLOMINVEST