The Order of Engineers of Beirut and Tripoli have released figures that show construction up by 26.5 percent in the first seven months of 2008 compared to the same period in 2007. Bank Audi’s Weekly Monitor reported that there new construction permits were issued for 6,074,843 square meters during that time period, which is significantly higher than the previous year. For the month of July, new permits totaled 976,685 square meters, up 32.6 percent compared to 2007.
Bank Audi noted in its report that “”This increase reflects acceleration in construction activity in the first seven months of 2008, which can be caused by the hike in real estate demand that is motivating contractors to launch projects in order to meet this high demand.”
The Investment Development Authority of Lebanon, or IDAL, released a report in August that indicated sales of property in the country were over $4.3 billion for all of 2007. Many of these buyers were Lebanese expatriates working throughout the Middle East, particularly in the oil rich countries. Brokers have noted that the price of properties in Beirut and Mount Lebanon have surged by more than 40% over the past year due to the demand.
Overall, 49.8 percent of new construction permits were issued for Mount Lebanon. North Lebanon had 16.5 percent, South Lebanon had 15.9 percent, Beirut had 12.1 percent and the Bekaa had 5.6%.
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