Property Sales in Lebanon down but not out

The Directorate of Real  Estate in Lebanon has released a report which was published by Bank Audi Weekly Monitor this week. The report states that the total value of property sales in Lebanon in the first half of 2009 was at L£3.7033 trillion (Dh90.59 billion), down by 5.2% from the same period 2008.

The decline in the value of property transactions along with a smaller drop in the number of transactions has naturally led to a fall in the average value-per-property sale, which was at L£109.5 million in the first half, down by 2% . The total number of property sales transactions declined by a 10.6% year-on-year in June with number of property transactions falling 3.3% in the first half to 33,830, according to the report and the amount of foreign investors declined by some 50%. All things considered, this is not a terrible result compared to the rest of the region. Dubai property volumes continue declining, and 2009 is looking to be worse than the last quarter or 2008.