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Real estate transactions fall

Lebanon’s real-estate sector is showing signs of settling down as the number of real estate transactions tumbled by 14.5 percent

year-on-year as of the end of October 2011, affected by the domestic political bickering and regional tension since the onset of 2011, as reported by  Credit Libanais Economy Research Unit.

 

The real-estate sector demonstrated sluggish activity when compared to the same period last year with the number of real estate transactions dropping year-on-year to 66,143 from 77,360, the report said .

 

The value of real estate transactions was no exception, shedding $830 million on a 12-month basis to $6.84 billion as of October 2011.

The share of sales to foreigners represented a shy 2.02 percent of total sales transactions during the first 10 months of 2011, down from 2.04 percent in 2010 and 2.53 percent in 2009. Average value per real-estate sales transactions, however, notched up by 4.35 percent on an annual basis to $103,460 up from $99,147 in the same last year period.

 

The average value per sales transaction in Beirut continued to decline owing to a shift in buyers’ appetite from the capital to the more affordable areas of Metn and Kesrouan.

 

On a cumulative basis, Lebanon’s construction permits eased by 7.63 percent on an annual basis to 11,526,242 square meters as of the end of October 2011 in comparison with 12,478,913 as of October 2010.

 

As for the geographical distribution of construction permits, Mount Lebanon topped the list with a total of 6,949,219 square meters (60.29 %) as of October 2011, followed by South Lebanon with 1,346,875 (11.69 %), Beirut with 1,105,327 (9.59%) and the Bekaa region with 1,070,845 square meters (9.29%).

The findings indicated a shift in developers’ appetite toward more affordable residential end-users on the back of the unprecedented increase in real estate price in the Beirut region and the scarcity of plots in the capital, the report said.

photo: zioncebu.com

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