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The Lebanese Byblos Bank's property demand index fell by 17% in the second quarter of 2019, due to the lack of support measures for this vital sector and the continued discontinuation of housing loan support, while the demand for housing must be immediate.
The results showed that the index had a monthly average of 46.5 points in the second quarter of 2019, down 17% from 56.1 points in the first quarter and an increase of 6.4%. compared to 43.7 points in the second quarter of 2018.
According to a statement released by the bank, the monthly average index result in the second quarter of 2019 is still 64.5% lower than the highest quarterly result of 131 points recorded in the second quarter of 2010 and 57.6% lower than the highest annual score in 2010. It stands at 109.8 points.
The monthly average of the index in the second quarter was 21.4% lower than the monthly average of 59.2 points since the beginning of the index in July 2007.
Nbadib Gebril, chief economist and head of research and economic badysis at the Byblos Bank Group, said that "housing demand has declined in the second quarter of the year due to unclear budgetary measures. in 2019 and ambiguous and contradictory statements concerning subsidies granted to enterprises ". This has led potential buyers to be cautious and adopt a wait and see attitude in their decisions to buy a housing unit. "
The Central Bank of Lebanon (CBL), through the economic recovery plan for the Lebanese economy of 2019, has responded to part of the demand for housing, he said, supporting interests on housing loans worth 374 billion LBP, or $ 248 million, which are loans. It was used quickly.
"The main responsibility lies with the executive branch of supporting interest on housing loans to meet the needs of low-income citizens, and the banking sector has filled this gap since 2009," he said.
"Lebanese citizens are still waiting for the government to take the initiative to develop a clear and comprehensive housing policy to stimulate demand for all categories of housing in Lebanon, especially for low-income people. "
Respondents to the survey questions of the second quarter of 2019 indicate that 5.3% of citizens intend to buy or build housing in Lebanon over the next six months, compared with 6 , 3% in the first quarter of 2019 and 4.9% in the second quarter of 2019. 2018.
By way of comparison, 6.7% of citizens indicated that they planned to buy or build housing in Lebanon between July 2007 and June 2019, the highest rate being about 15%. % in the second quarter of 2010.
"The real estate market requires concrete measures to boost demand for apartments. Any delay or ambiguity in this regard will continue to have a negative impact on household expectations and lead to a further decline in demand for apartments, "said Gabriel.
He believes that the government's recent decision to reduce registration fees for homes purchased, but not yet registered, is aimed at generating additional cash flow, but the government should also reduce registration fees on future purchases, to deflect the potential demand. On condominiums with real purchases.
SOURCE: The new Arabic
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