Sold stock of apartments being replenished

Findings by InfoPro Research show that the number of apartments available for sale is unchanged from 2018. Development activity decreased by 58 percent during the first six months of 2019 compared to the same period the year before. The number of sold out buildings has decreased by 12 percent. Clients are looking for good deals, but at a slower pace than before.

OVERALL PERFORMANCE

Development activity is weakening in all cazas, especially in Aley, where the number of buildings added to the stock decreased by 56 percent this year. Only 80 new buildings were launched compared to 193 new buildings in the same period of last year. Areas with easy access to Beirut continue to be the most active, especially in terms of sales, according to , Chairman at Prime Consult, a real, CEO at Platinum Invest Holding, a development company. The developers sold the remaining unsold apartments in only 94 buildings, compared to 107 buildings in the previous period. The number of real estate sales transactions decreased by 16 percent in 2018 compared to 2017, according to the General Directorate of Land Registry and Cadastre (GDLRC). “There is demand but it cannot be translated into real sales due to the halt in the subsidized housing loans,” said Asmar. This has adjusted the prices to the real market price, according to Asmar. The development activity will continue to go on in parallel with demand, according to Fares. “Developers are launching new projects that meet the market’s needs,” he said.