Real estate activity was meager during the third month of 2022 with the number of sale transactions dropping by 8.64% month-on-month to 9,744 and the value of transactions concurrently decreasing by 17.15% to $1.16 billion. The average value per transaction fell by 9.32% month-on-month to $119,288, from $131,548 a month earlier. On a cumulative basis, however, the number of real estate transactions increased by 110.45% annually in the first quarter of 2022 to 27,741 transactions, with the value of transactions also rising by 67.80% to $3.86 billion. This yearly appreciation in realty figures can be explained by the strong appetite of realty owners to register their properties before the passing of the 2022 budget law which was advocating a hike in the US Dollar/LBP exchange rate on some specific transactions. It is worth noting that foreigners’ share of sale transactions fell to 0.88% YTD March 2022, down from 1.33% at end of 2021.

From a geographical standpoint, the average value per real estate transaction in the Beirut region fell by 14.48% in the first quarter of 2022 to $419,123, down from $490,097 at year-end 2021 with that in the Kesserwan region concurrently declining by 0.75% to $156,290 and that in the Baabda region decreasing by 38.36% to $72,182. On the other hand, the average value per real estate transaction in the Metn region rose by 3.57% to $205,668.