While demand for properties is shrinking in Lebanon, will the real estate market see a drop in prices?
After years of growth, the property market in Lebanon has seen a decline in demand by beginning of 2011. Real estate experts attributed this situation to the unending political uncertainty in the country combined with the regional turmoil, in addition to the rise in property prices.
In the first two months of 2011, the total number of property sales transactions decreased by 18.7 percent compared to the same last year period, reaching 10,630 transactions, according to the directorate of real estate.
While some real estate experts anticipate that property prices will remain stable, few expect prices to go down. Some admit that it has become easier now for buyers to find bargain prices.
In 2010, the value of property sales amounted to $9.5 billion. Much of the demand stemmed from the strong Diaspora and the oil- and rich Gulf nationals.
As the picture is still ambiguous, many experts foresee that Lebanon’s real estate sector wouldn’t collapse, however, it would face a period of stagnation.
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