The Lebanese real estate market recorded 41,138 sales between January and September 2026, compared to 51,683 a year earlier. The number of transactions decreased by 20.4 %. However, their cumulative value increased by 3.3 per cent to about $4.55 billion. These opposite developments describe a market that is less active in terms of number of transactions, but whose recorded amounts resist.
The nine-month balance sheet updates the more degraded figures from the beginning of the year. It does not demonstrate a general increase in housing prices. Acts relate to different goods, in areas and categories whose weight may vary.
Real estate : 10,545 sales less over nine months
The gap between the two periods is 10,545 transactions. This is a comparison between the first nine months of 2026 and those of 2025. This decline should therefore not be seen as a decline between August and September.
The value of operations follows a different trajectory. It is rising from about $4.40 billion to $4.55 billion. The amount in pounds was 407,100 billion, compared with 394,090 billion a year earlier. The dollar conversion is based on a rate of £89,500 per dollar.
| Indicator | 2025 | 2026 | Change |
|---|---|---|---|
| Number of sales | 51,683 | 41 138 | -20.4% |
| Total value in billions of dollars | About 4.40 | Approximately 4.55 | +3.3 % |
The reconciliation of these two sets precludes a reading based solely on the total amount. A market may record more money with fewer sales if the traded goods have a higher average value. This is not enough to explain why this average is changing.
September improves balance sheet without erasing the annual decline
September recorded 6,589 sales, compared with 5,145 in August. The number of operations increases by 28.1% per month. Their value is growing faster, at nearly £72,000 billion, or about $804 million.
This monthly adjustment helps to improve cumulation. It does not transform the first nine months into a period of increasing sales. The two findings are consistent: September is more active than August, while the annual total remains lower than 2025.
A monthly comparison may also be sensitive to the recording schedule. It does not allow, without further information on the acts, to date all trade agreements or associated payments.
Average value does not measure price per square metre
The ratio of the amounts exchanged to the number of sales provides an average value per transaction. This calculation does not constitute a price index. In particular, it mixes land, housing and other property, whose surfaces and characteristics differ.
An increase in this average may result from a larger share of expensive goods. It may also reflect changes in values for certain categories. The aggregate data do not allow these effects to be separated.
It would therefore be incorrect to claim that all the apartments had received 3.3%. This rate relates to the total value of the transactions recorded, not the price of a comparable property with a constant area and location.
Net sales to foreigners decline
Sales to foreigners increased from 1,141 to 603 in the first nine months, a decrease of 47.2%. These operations represent about 1.47% of the total recorded in 2026.
This category does not cover all diaspora purchases. A Lebanese living abroad is not automatically classified as a foreign buyer. The figures therefore do not allow direct measurement of the real estate investment of all expatriates.
The next useful reading will be that of the last quarter, with the same distinction between number of acts, amounts recorded and prices of comparable goods. It will allow us to see if the September improvement continues, without confusing a more active month with an already installed recovery.
Residential buildings in Lebanon, archival photograph published in April 2018. Unestablished shooting date. Illustration, without identification of goods sold in 2026. Whole photo preserved; classic editorial dressing. © François el Bacha for Libnanews.com.
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