Property market in Lebanon flourishes in the first half of 2010


Property market in Lebanon flourishes in the first half of 2010
	Posted on 27 Jul 2010

	Lebanon’s property market exhibited a strong performance during the first half of this year as it sustained its growing trend on the back of increased remittances from Lebanese non-residents, a booming population growth, and vigorous tourism. Accordingly, data released by the Directorate of Real Estate for the aforementioned period of 2010 shows a continued improvement in the number of property sales transactions coupled with increasing values of such transactions. In details, the number of property sales transaction edged up by 39.0% during the first six months of 2010 to attain 45,939 transactions, a historical high when compared to the same period of previous years. Furthermore, sales transactions to foreigners went up by 9.3% which mirrors a continuous interest by foreigners in the Lebanese property market. As to the value of the property sales, it reached a record high of LP 7,106,054 million in the first half of 2010, up by 91.9% versus the same period of 2009, within the context of steady demand for realty. The significant increase in the value of property sales transactions relative to a lower rise in the number of such transactions has resulted in a rise of 38.0% in the average value per property sale, which attained LP 154.7 million in the first half of 2010.


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