OLX Lebanon, the leading property platform in Lebanon, has released its first yearly report covering Lebanese property market trends and consumer behavior for the year 2016. More than 6 million visits were recorded, reflecting the trust Lebanese people have in OLX as a reliable platform while searching for a property.
OLX believes in conserving utmost transparency in all its operations and is committed to regularly publishing facts and figures that pertain to consumer search patterns, demand and supply behaviors, as well as the most frequently sought out property on OLX Lebanon.
Noting that the property sector is one of the key drivers of the Lebanese economy, and represents about 14% of the Lebanese GDP, OLX released its 2016 property report. Commenting on the results, Mr. Abdallah Touqan, Director of Public Relations and Communications at OLX MENA, stated: “The properties category on OLX Lebanon represents a very suitable platform for those who wish to change their place of residence, or those who wish to move to a smaller or larger home per their needs. Releasing these reports is a way to enhance transparency in society and to reduce consumer exploitation, as these reports receive significant attention from the community, where OLX provides them with unlimited choices and enables them to compare prices to find the most appropriate one.”
According to the Byblos Bank Real Estate Demand Index for the fourth quarter of 2016, reports on property demand revealed an increase of 1.4% in 2016 in comparison to 2015, with an increase of 17.5% in the fourth quarter of 2016 only, due to positive political developments and changes in Lebanon*. These results were reflected on OLX through the exponential growth in the number of listings and visits that the platform is witnessing.
Commenting on the current property market situation in Lebanon, Mr. Nassib Ghobril, Chief Economist and Head of the Economic Research and Analysis Department at the Byblos Bank Group, stated: “The positive political developments that materialized during the fourth quarter of 2016 supported household sentiment and caused the Byblos Bank Real Estate Demand Index to improve from the preceding quarter.”
The figures provided in the OLX Lebanon report offer an overview of the property trends observed in Lebanon during 2016, as 30% of the platform users visit the property category, as it is a trustworthy platform for Lebanese people to advertise their properties. Also, more than 158,000 properties for sale and rent were listed, with every property receiving an average of 12 leads and the first lead coming within 48 hours of it being listed, which gives users the opportunity to receive more options before they seal their real estate deals.
Commenting on the property online trading in Lebanon, Nadim Makarem, Marketing and Business Development Director at RAMCO real estate agency, said: “As real estate agents and property advisors, we are very pleased with the results we are getting on OLX, as we are receiving numerous inquiries, specifically for commercial space rentals, such as retail and offices. We have a positive outlook on the property sector in Lebanon for 2017 and OLX’s free service is definitely encouraging more and more people to reach out and inquire about various opportunities in the market.”
The report highlights the property supply and demand of various Lebanese regions:
Most searched areas: Tripoli, Aramoun, Achrafieh, Mansourieh and Bchamoun set the record for most searched areas for property compared to other areas. While top areas in terms of property listings for rent and sale were: Metn, Keserwan, Shouf, Baabda, Jbeil, Tripoli, Aley and Saida.
Additionally, the report has shown that the visits to the platform’s properties category from Lebanese expats, willing to invest in real estate in Lebanon, came mostly from Saudi Arabia, followed by the United Arab Emirates, Qatar, Kuwait and Egypt. Touqan added: “These results show that both Lebanese residing in Lebanon as well as Lebanese expats are using OLX Lebanon as a trusted platform from which they can invest in their native country. While the growth witnessed in the real estate category of OLX Lebanon reflects the success that we were able to achieve in a relatively short period of time.”
OLX recently launched a new optional paid service available on mobile application, which guarantees large viewership of a listing, and increases sale opportunities as it showcases the listing within the first 3 ads of a category, regardless of any new ads that are published afterwards.
OLX has proved, and in a short period of time, to be a trust-worthy, free and easy method for people to find a property for rent or for sale, as it is free and commission-free. By visiting olxliban.com on the web, the mobile phone or any other device, the process is only a ‘click and post’ away, and you get paid cash.
* http://www.byblosbank.com.lb/Lebanon_Byblos_Bank_Real_Estate_Demand_Index
