Law No.194 was issued on 12/10/2020 in the aftermath of the Beirut port explosion and was passed in the official gazette journal on 22/10/2020.
Concerning real estate transactions, this law has forbidden to carry out any act of transfer of ownership of real estate in areas affected by Beirut port explosion for a period of 2 years. The areas where real estate transactions are forbidden by this law are:
1- Port
2- Saifi
3- Mudawar
4- Rmeil
The only exceptions to above law were real estate transactions done by developers on brand new apartments.
By end of 2022, the above law was extended for two additional years as part of 2022 budget.
In January 2023, State Council stopped the extension of the above law as they considered that its extension as part of the budget was not the right legal form.
At the moment, we are waiting for the decision of the state council to be published in the official gazette expected this Thursday (tomorrow) or following Thursday.
