Lebanon property sales plunge

Sales of property in Lebanon have plunged this year, thanks to a slowing economy, a political crisis and falling funds from expats.

The Directory of Land and Cadastre announced that sales declined 13.8 per cent in the first eight months of 2015 compared to the same period in 2014, with south Lebanon and Beirut leading the way with declines of 28.3 per cent and 22.5 per cent respectively.

As a result, the average sales value also fell from $129,643 to $127,187 across the same period. Sales fell year-on-year by 2.6 per cent to a total of 107,867 transactions.

Zawya