One of the most key metrics in the real estate demand market are the average demanded property price and the average demanded price per square meter. This not only allows real estate brokers and developers to plan future projects, but also forecast how marketable their current properties are.
Generally, the average demanded property price in Lebanon ranges between $71,500 and $340,000. which indicates a difference of 70% between the areas with the highest and lowest average. When looking into the average demand of price per sqm, we can see that there is also a difference of 75% between the highest and lowest average price being paid per sqm. The gap is huge however it is very explainable due to many factors that will be furthermore discussed.
Beirut, not only the Capital of Lebanon, but one of the most attractive cities for many investors and residents, scores the highest figures. Buyers are willing to pay 75% more than the lowest demanded price per SQM for a smaller property just to live in the center of the city. This is because of the governmental, commercial, entertainment and academic institutions that have a strong presence in the city.
On the contrary, in areas like South, North and Jbeil, buyers are less willing to settle for a small property. The culture in these areas promotes large space properties especially that family members tend to live in the same residence rather than on their own.
Aley for instance, where the average demanded property price is $148,000 and the average price per square meter is $1,139, is an attractive town for both residents and tourists of Lebanon especially throughout vacation seasons. It’s both; a highly touristic and residential area, which explains its middle rank among other Lebanese areas.
By studying the social, economic and market trends; real estate agents and developers can better understand their market of operation and build business plans on strong foundations backed up by numbers and figures rather than pure assumptions.