The value of Beirut property sales plummeted by 22.5% in the first eight months of this year, as overall Lebanon real estate transactions declined to around $5bn, it was reported.
There were double-digit percentage declines across the market as a whole, according to figures from the Directorate of Land Registry and Cadastre quoted by the Daily Star.
A wider economic slowdown, fewer investments by Lebanese expatriates and the country’s ongoing political crisis were cited as the main reasons for the declines.
Areas like south Lebanon and Nabatieh saw decreases in the value of sales transactions of 28.3% and 16.2% respectively, the report added.
The average value of individual sales fell to $127,187 this year from the $129,643 recorded in the same period last year, with the number of transactions having decreased annually by 2.6% to 107,867.
Most large real estate projects in Lebanon came to a halt, with subdued demand for luxury apartments, the report said.
The Central Bank’s stimulus package has helped keep the real estate market stable, the newspaper said, citing a Bank Audi report. The Central Bank recently announced another round of stimulus measures for 2016.
