By Tony Akleh
Foreigners' share down to 1.42% from 2.18%
Investing in real estate remains perhaps the safest haven to depositors of the Lebanese banking system, amid the economic and financial crisis.
According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of real estate transactions, which may include one or more realties, rose by a yearly 48.16% to stand at 37,609 transactions by July 2020.
In its turn, the value of total real estate transactions jumped 58.2% to $7.18bn by July 2020, compared to $3bn in the same period last year. As such, the average value per transaction increased from 119,147 in July 2019 to 191,001 in the same period this year.
In addition, the foreigners’ share of the total number of real estate transactions stood at 1.42% in July 2020, down from 2.18% in the same period last year. As such, foreigners executed 106 transactions in July 2020 compared to 89 in July 2019.
In a regional breakdown, the largest number of transactions was executed in Baabda, which grasped a share of 19.02% of the total (the equivalent of 7,153 transactions) worth $796.80m by July 2020. Metn and North followed, with stakes of 13.13% and 12.98% of total transactions, worth $933.43m and $404.20m, respectively. Moreover, the South constituted 12.76% of total real estate transactions worth $580.92M over the same period.