Authorized Construction Permits Down by 0.36% in 2014

According to figures released by the Orders of Engineers in Beirut and the North, the year 2014 saw the number of authorized construction permits slightly slide by a yearly 0.36%to 16,663. However, the construction area authorized by permits (CAP) increased by a yearly 5.8% to reach 13,545,707 sqm in 2014. The increase in the CAP should not be regarded as an improvement in the construction sector but rather as a partial recovery from 2013’s levels when it had shrunk by 13%.

During the month of December alone, the number of transactions slid by 0.68% and totaled 1,308 while the CAP recorded a 17.68% double-digit drop to 986,113 sqm. The trend of switching to smaller sized projects has extended into 2014 as developers accommodate to an ailing demand.

In terms of regions, Mount Lebanon, the suburbs of Tripoli and South Lebanon represent the largest shares of total construction area with 37%, 16% and 14%, respectively.

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