Construction Permits down Yearly by 3.89% to 6,792 by August 2024

According to the data from the Orders of Engineers in Beirut and Tripoli, the total construction permits witnessed a year-on-year (YOY) decrease of 3.89% to reach 6,792 permits by August 2024 due to several reasons such as 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. However, the Construction Area Authorized by Permits (CAP) increased by 24.94% to record 3,585,729 square meters (sqm). This could be explained by the increased tendency for group projects rather than individual projects.

Moreover, construction activity witnessed some fluctuation compared to last year. Some governorates witnessed an increase such as Beirut, North Lebanon, and Bekaa while other governorates’ activity decreased like Mount Lebanon, South Lebanon, and Nabatiye.

Across the governorates, Mount Lebanon grasped 36.94% of total permits, and accounted for 2,509 permits in August 2024 compared to 2,577 in August 2023. Regarding South governorate, it came second and represented 25.27% of total permits; its number of permits recorded 1,716 permits compared to 2,029 in August 2023. In Nabatieh, 1,087 permits were registered in August 2024, representing 16% of total permits, compared to 1,483 permits in the previous year. Furthermore, Bekaa governorate followed with 930 permits and representing 13.69% of total permits in August 2024, compared to 611 permits in August 2023. Beirut governorate’s share of permits was 4.55% with 309 permits only compared to 199 permits in August 2023.

Number of Construction Permits by August 2024

Construction Permits down Yearly by 3.89% to 6,792 by August 2024

Source: Orders of Engineers in Beirut & Tripoli

 

Disclaimer:

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 *