BEIRUT: The number of real estate transactions tumbled by 12.02 percent during 2011 to 82,984, in comparison with 94,320 transactions in 2010.

The value of real estate transactions shed $0.64 billion to $8.84 billion in 2011, down from $9.48 billion in 2010.

The share of foreigners in real estate sales transactions was just 1.81 percent of total sales transactions in the year, in comparison with 2.04 percent in 2010 and 2.53 percent in 2009.

The average real estate transaction value, however, came in 6.01 percent higher at $106,533 up from $100,496 in 2010.

The average value per sales transaction in Beirut sustained its downturn, owing to a shift in buyers’ appetites from the capital city to the more affordable suburbs. More specifically, the average per sales transaction in Beirut dropped to $456,018 as at the end of December 2011, down from $462,704 as at end of November.