According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of Real estate (RE) transactions recorded a sharp fall of 88.40% yearly to stand at 7,834 transactions by October 2023, compared to 67,506 transactions same period last year. The drop is mainly due to the ongoing nation-wide strike for the public employees which have led to major dysfunction for public services. In the same token, the value of total RE transactions stood at $1.94B by October 2022 calculated at the new official rate of USD/LBP 15,000, which is 82.85% lower than $11.31B in the same period last year.
On a monthly basis, the number of RE transactions stood at 4,409 in the month of October 2023, compared to 11,006 transactions same month previous year. In details, North region holds the biggest share of real estate transactions at 1,294, or 29.35% of total RE transactions, in the month of October 2023, followed by Zahle at 1,041 transactions or 23.61% of total RE transactions. Furthermore, South grasped 22.50% of total RE activity in October 2023 and 11.23% or 495 transactions was the share that the Nabatieh grasped out of the total RE transactions while Beirut held 429 transactions or 9.73%. Noting that no RE transactions was recorded in the area of Metn, Kesserwen, and Baabda for the month of October 2023.
Moreover, the breakdown of RE activity by value for October 2023 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 46.63% and worth $577.06M, while the South followed, constituting 29.22 of the total and worth $361.65M.
Number of RE transactions by October 2023:
Source: CADASTRE, BLOMINVEST
This article is a research document that is owned and published by Blominvest Bank SAL.
No material from this publication may be modified, copied, reproduced, repackaged, republished, circulated, transmitted or redistributed directly or indirectly, in whole or in any part, without the prior written authorization of Blominvest Bank SAL.
The information and opinions contained in this document have been compiled from or arrived at in good faith from sources deemed reliable. Neither Blominvest Bank SAL, nor any of its subsidiaries or affiliates or parent company will make any representation or warranty to the accuracy or completeness of the information contained herein.
Neither the information nor any opinion expressed in this research article constitutes an offer or a recommendation to buy or sell any assets or securities, or to provide investment advice.
This research article is prepared for general circulation and is circulated for general information only.