Lebanon: property sales falls 20 pct in first two months

Demand for properties in Lebanon fell 20 percent in the first two months of 2012, but prices remain stable, said the head of the real estate contractors association.

“The deteriorating security situation in the region as well as political bickering have taken their toll on the real estate sector and this also scared away investors and buyers,” Elie Sawma told the Central News Agency.

Sawma noted that Lebanese expatriates are increasingly opting to buy apartments in buildings that are still under construction, which has apparently lowered demand for existing housing units.

He said lower demand has affected central areas in Beirut as buyers increasingly opt for cheaper apartments in the capital’s suburbs, where facilitated housing loans cover the full price of an average apartment.

Source: Zawya.com