While Lebanon waits for a positive twist of events, the political process is definitely taking its toll on the country’s real estate sector.
The value of real estate deals dropped in October 2015 to $692.25 million, down from $712.19m in September, reports UAE-based Aliqtisadi.
The cumulative value of real estate sales deals also fell by 12.76 per cent per year to $6.46 billion during the first ten months of 2015, compared with $7.41bn in the same period of last year. In addition to that, investors from the Gulf Arab states refrained from investing in Lebanon.
These figures indicate that the real estate sector continues to slow down, where sell-offs led to a drop in prices by approximately 25 per cent. The sales deals were not limited to small apartments only, but also to large and luxury apartments.
According to statistics by the General Directorate of Real Estate Affairs, the performance of the sector improved during October as the number of deals increased to 5,803 deals from 5,510 deals in September.
($1= AED 3.67, at the time of publishing)