Real estate transactions decline in Lebanon
The number of real estate transactions in Lebanon slowed 4.29 percent in February from a month earlier, but gained in value, a report issued by Credit Libanais Bank showed. The number of transactions fell to 5,156 in February from 5,387 in January while the value of transactions managed to climb 6.66 percent to $0.60 billion, the report said.
The average value per transaction increased from $104,342 to $116,279 in February. In Beirut, the average value per transaction increased to $508,709 in the first two months of 2012, up from the 2011 average of $456,018.
The average value per transaction in the Metn and Kesrouan regions also rose respectively to $176,146 and $112,478 from the 2011 average of $171,784 and $97,487. On a year-on-year basis, the number of transactions fell 0.82 percent in the first two months of 2012 in line with a decrease in the total value of transactions that shed $40 million in the same period, falling to $1.16 billion.
The average value per real estate transaction during the first two months of 2012 stood at $110,180, 2.17 lower compared to same period in 2011 when it averaged at $112,628. The share of foreigners in real estate transactions increased slightly to 1.96 percent in the first two months of 2012 compared to 1.65 during the same period in 2011.
The number of real estate transactions fell by 12.02 percent during 2011 to reach 82,984, in comparison with 94,320 transactions registered in 2010. The value of real estate transactions also fell to $8.84 billion, compared to $9.48 billion in 2010.