Real estate activity was dull during the month of December 2022 with the number of sale transactions dropping by 73.57% month-on-month to 2,610 and the value of transactions concurrently decreasing by 12.91% to $1.42 billion. The average value per transaction soared by 229.47% month-on-month to $542,984, from $164,806 a month earlier. On a cumulative basis, the number of real estate transactions reached 79,990 transactions in 2022, in comparison with 110,094 transactions in 2021 with the value of transactions attaining $14.36 billion compared to $15.55 billion a year before. The year 2022 figures, however, are underestimated as a result of book-keeping delays due to strikes by public sector employees particularly those employed by the real estate registry. Foreigners’ share of sale transactions extended its downturn, attaining 1.04% at end of 2022 compared to 1.33% at end of 2021.

From a geographical standpoint, the average value per real estate transaction in the Beirut region rose by 32.54% in 2022 to $649,589, up from $490,097 at year-end 2021 with that in the Metn region concurrently increasing by 3.50% to $205,522 (figures are underestimated as mentioned earlier). On the other hand, the average value per real estate transaction in the Kesserwan region fell by 4.46% to $150,455 and that in the Baabda region dropped by 15.17% to $99,343.