According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of Real estate (RE) transactions which may include one or more realties, went up by a yearly 26.67% to stand at 47,640 transactions by July 2021. In its turn, the value of total RE transactions stood at $7,135.5M by July 2021, compared to $7,183.4M in the same period last year, down by 0.67%.
Monthly speaking, the number of RE transactions stood at 8,366 in the month of July 2021, compared to 10,393 transactions on July 2020. For instance, a substantial 1,960 transactions, or 15.33% of total RE transactions, were concentrated in the region of the Baabda alone in the month of July 2021. However, South, North and Zahle each grasping the respective shares of 12.31%, 6.28%, and 2.72% of the total RE activity in July 2021.
Moreover, the breakdown of RE activity regionally for July 2021 showed that Beirut is the one that grasped the lion’s share of the total value of RE transactions, equivalent of 34.89% and worth $426.69M, while Metn and Baabda followed, constituting 17.59% and 15.33% of the total, each worth $215.08M and $187.43M, respectively.
The real estate sector in Lebanon has been observed as a long-term investment to a high number of expats and tourists willing to buy local houses for vacation purposes as well as a hedging tool for depositors willing to limit a haircut on their bank deposits, while property developers were willing to sell at a fast track to settle their debts. However, by end of 2020, most developers had repaid their loans. The market has slowed down notably. This is reflected by the fact that in the month of July 2021, the value of property sales transactions dropped 0.67% after its expansion last year 137.51% over the first seven months of 2020.
RE transactions by July 2021
