Real Estate Year-End Review: Lebanon
As we head into 2023, we have asked our most senior real estate experts about real estate in Lebanon in 2022: How would you summarize it in one word or one sentence the real estate market in 2022?
Summarize Real Estate in Lebanon in 2022?
Probably the most interesting and expressive sentence that really described the reality of 2022 real estate market came from Mac El Haddad - team leader Baabda.
Mac described the year 2022 as the game of "pulling ropes". You know when two teams hold each side of the rope and they each pull to their best force.
This symbolizes the fact that sellers are well aware that their properties are worth more in reality and yet the economic situation of the past 3 years is impacting real estate prices negatively. Let us agree first of all that we are talking here about prices in “fresh” dollars. In 2022, real estate in Lebanon is no longer sold via banker’s checks and the vast majority of the sellers requested payments in fresh dollars. Indeed, 99% of the transactions held via the brokerage services of JSK Real Estate in 2022 were done in real dollars or what we are used to call “fresh dollars.
On the other side of the rope, the buyers are looking for a great deal! The reason they are willing to invest again in Lebanon - after the slap everyone got with their deposits in Lebanese banks - is because they want to buy at historically low prices and await the capital gain expected in the coming few years.
Who is right? Sellers or buyers?
In our humble opinion, sellers and buyers able to reach a middle ground where a deal materialized - those are the real winners in 2022 real estate market.
What is ahead for 2023? Check our next article about insights on 2023 Real Estate Market in Lebanon
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