Construction Permits Down Yearly by 35.39% to 807 by January 2024

According to the data from the Orders of Engineers in Beirut and Tripoli, the total construction permits witnessed a year-on-year (YOY) significant decrease of 35.39% to reach 807 permits by January 2024. Likewise, the Construction Area Authorized by Permits (CAP) declined by 14.65% to record 370,840 square meters (sqm) due to several reasons such as public institution’s strike, decrease in the purchasing power of most of Lebanese population in addition to the ongoing security concerns in the southern border and the war in Gaza.

Moreover, construction activity witnessed a remarkable decrease regionally compared to last year. Across the governorates, Mount Lebanon grasped 32.59% of total permits, and accounted for 263 permits in January 2024 compared to 510 in January 2023. Regarding South governorate, it came second and represented 29.86% of total permits; its respective number of permits recorded 241 permits compared to 339 in January 2023. In Nabatieh, 146 permits were registered in January 2024 and representing 18.09% of total permits compared to January 2023 of 239 permits. Furthermore, Bekaa governorate followed with 98 permits and representing 12.14% of total permits in January 2024 compared to January 2023 of 111 permits. Beirut governorate’s share of permits was 4.09% with 33 permits only.

Number of Construction Permits by January 2024

Construction Permits Down Yearly by 35.39% to 807 by January 2024

Source: Orders of Engineers in Beirut & Tripoli

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.

Leave a Reply

Your email address will not be published. Required fields are marked *