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 84.96% yearly to stand at 11,639 transactions by November 2023, compared to 77,380 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 $3.10B by November 2022 calculated at the new official rate of USD/LBP 15,000, which is 75.99% lower than $12.94B in the same period last year.
On a monthly basis, the number of RE transactions stood at 3,805 in the month of November 2023, compared to 9,874 transactions same month previous year and 4,409 transactions in October 2023. In details, Zahle region holds the biggest share of real estate transactions at 981, or 25.78% of total RE transactions, in the month of November 2023, followed by South at 927 transactions or 24.36% of total RE transactions. Furthermore, North grasped 22.39% of total RE activity in November 2023 and 12.93% or 492 transactions was the share that the Nabatieh grasped out of the total RE transactions while Beirut held 385 transactions or 10.12%. Noting that no RE transactions was recorded in the area of Metn, Kesserwen, and Baabda for the month of November 2023.
Moreover, the breakdown of RE activity by value for November 2023 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 52.19% and worth $609.38M, while the South followed, constituting 23.82% of the total and worth $278.09M.
Number of RE transactions by November 2023:
Source: CADASTRE, BLOMINVEST
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