How much have Lebanese property prices fallen or recovered since 2019?

Also asked as: “Are Lebanese property prices back to pre-2019 levels?” · “How much did property prices drop in Lebanon after 2019?” · “Have Lebanese real estate prices recovered?” · “Lebanon property prices before and after the crisis”

Why there is no single number#

Libnanews wrote in August 2026 that there is no reliable, continuous national index, so no one can say by what single percentage Lebanese property is over- or undervalued. LeBusiness wrote in October 2026 that figures from the Lebanese-pound years and the dollar years cannot honestly be joined into one trend^[1,2]. Any headline that says "prices fell X%" is someone's estimate, usually a broker's.

The Land Registry's own totals from 2019 to 2022 mislead the most. Many sales in those years were paid with bank cheques drawn on blocked dollar deposits (lollars), so recorded prices could be several times their cash value, and Libnanews says recorded sales approached USD 15 billion in 2021 for this reason^[1]. From July 2022, Banque du Liban required bank-held buildings to be sold in fresh dollars or in pounds at the regulatory rate. More on paying in lollars or fresh dollars.

How far prices fell#

JSK Real Estate, a Lebanese agency, wrote in January 2023 that prices across Lebanon had fallen roughly 30% to 50% from 2019, and 30% to 40% in Achrafieh depending on the area^[5]. That is one broker's view with no stated method, and it describes 2023, not today.

Libnanews reported in August 2026 that unnamed professionals estimated in early 2025 that small and medium flats often sold 20% to 30% below their pre-October 2019 level in fresh dollars. Some well-located high-end property held its price better^[1]. Libnanews also says the average registered deal in the first half of 2025 was 31% below the first half of 2019, but that average mixes flats, land, shops and other property^[1,6]. Part of the 2025 rise in registered sales also reflects the processing of accumulated records.

How much prices recovered in 2024 and 2025#

The brokers' syndicate R.E.A.L reported these rises in residential prices between 2024 and 2025, as published by The Beiruter in January 2026^[3]:

R.E.A.L does not publish its method or sample, or say whether these are asking or sale prices, and it gives no figure for Batroun, Tripoli or Saida^[3]. Its president said owners repricing closer to pre-2019 levels drove the rise, not a higher number of sales. Asking prices and recorded sale prices are not the same number^[1,2,7]. Here is why advertised prices differ from Land Registry prices.

Are prices back to pre-2019 levels?#

The sources disagree. R.E.A.L, via The Beiruter in January 2026, says prices in Downtown Beirut, select parts of Achrafieh and Ras Beirut, Faqra, Faraya, the Amchit coast and Batroun are close to pre-crisis levels, about 20% above other regions^[3]. Assukna, which sells property, said in April 2026 that Beirut, Jounieh, Byblos and Aley are still significantly below 2018/2019 levels in real USD terms^[4]. Both have an interest in the market and neither shows a data series. They agree there is no full return overall, and The Beiruter says the 2025 gains do not signal one.

In 2026 the number of sales dropped much more than their total value. Credit Libanais figures reported by An-Nahar show 29,404 transactions registered from January to July 2026, 25.54% fewer than a year earlier, while their total value fell only 5.36%^[2,7]. A total value is not a price measure, so these figures do not tell you what one flat is worth. Libnanews described a two-speed market in October 2026: buyers with fresh dollars can still buy, households tied to old deposits largely cannot, and quality property in sought-after areas finds buyers while other listings stay unsold^[8]. See what happened to prices in 2026.