Property demand in Lebanon up while supply of units shrinks

The gap between supply and demand in the property market is beginning to shrink, according to a study undertaken by InfoPro Research and published in the December edition of Lebanon Opportunities.

Demand is heading towards lower-price units in Greater Beirut, according to the study.

The study covers Beirut and the area stretching from Jiyyeh to Jounieh. The scope also extends to reach villages up to 500 meters above sea level.

The suburbs, especially areas within a few kilometers of Administrative Beirut, have the highest number of sold apartments per project. Ain el Roummaneh stands out with 73 percent of total available units being sold. Jennifer Abou Mrad, Manager of InfoPro Research, said: “Prices in the area were lowered by $200 per square meter on average, which encouraged sales.”

Sales of around 35,000 units, new and old, were recorded in 2016, according to the Real Estate Registry (Cadastre). Michel Asmar, General Manager of Platinum Invest, said: “Market demand is largely restricted to newlyweds and people looking for bigger homes.” The majority of demand is from local residents as sales to Lebanese expatriates continue to drop.