Real estate sales volume up

Number of sales transactions declines
by eight percent in first half of year

The real estate market saw a slower activity in the first half of 2012 compared to the corresponding period of last year. At end-June the number of transactions totaled 34,400, down eight percent year-on-year.

However the market reported a growth in the value of transactions, which stood at $4.15 billion, up by 7.7 percent y-o-y. The average transaction value stood at $120,600, up by 17 percent from a year ago.

Foreigners' share of real estate transactions was minimal at under two percent.

The total area of construction permits issued in the first six months of the year totaled 6.3 million square meters, down by 15 percent y-o-y. This indicates an expected drop in construction activity over the coming few years. The total area of registered construction permits in the first half of 2010 was 7.3 million sqm.

Reported by Hanadi Chami