The Real Estate Sector saw a 4% drop in price in Municipal Beirut

According to the latest study conducted by RAMCO Real Estate Advisers, covering 345 residential buildings under construction across Municipal Beirut, the average price of a 1^st floor is of $3,720 per SQM. This figure marks a 4% drop on the average price between 2014 and 2015 due to the low demand on the real estate market pushing developers to ask for a slightly lower price. However, the average asking price in Beirut Central District (BCD) records the highest market price at $6,679 per SQM for 1^st floor apartments averaging 331 SQM. Accordingly, developers are offering one apartment for $2,210,749 on average. Outside BCD, high-end neighborhoods (Ain el Tineh, Sursock …) charge between $4,900 and $5,250 per SQM while mid-market neighborhoods of Ashrafieh post prices around $2,600 per SQM. It’s worth mentioning that all of the prices above don’t take into consideration the negotiation margins that actually take place on the market.

Source: RAMCO sarl