Lebanese Real Estate Sales, Analysis and Empirical Evidence between years 2002 and 2016
Mohammad Makki1, Nouhad Mawad2

1Mohammad Makki, Chairman, Department of Economics, Lebanese International University, Lebanon.
2Nouhad Mawad, Instructor, Department of Economics, Lebanese International University, Lebanon.
Manuscript received on 08 May 2019 | Revised Manuscript received on 19 May 2019 | Manuscript Published on 23 May 2019 | PP: 1057-1061 | Volume-7 Issue-6S5 April 2019 | Retrieval Number: F11810476S519/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: Objective: The purpose of this paper is to examine the effects of several variables on real estate sales in Lebanon in the period extending between years 2002 and 2016, where major political events took place. The independent variables examined in this paper are commercial banks total deposits, government budgetary expenditure, tourists’ arrivals, total exports, gross public debt, and money supply M3. Methodology: A time series sample of 180 observations is selected, under each variable, from Economena Analytics platform, and regression analysis was conducted to detect the relations between the dependent and independent variables. Results: Commercial banks total deposits highly correlated with all IVs and thus it was removed, money supply M3 is insignificant, and a ratio of gross public debt to government budgetary expenditures is formed. The regression analysis indicated a direct significant relationship between real estate sales and tourists’ arrivals, total exports but an inverse relationship between the variable and the created ratio. Implication: This research provides critical inference to policy makers especially when planning for economic growth in a country like Lebanon. Tourists’ arrivals, total exports and public debt to budgetary expenditures are significant factors that should be considered as politically sensitive variables and major contributors to the growth in real estate sector.
Keywords: Lebanon, Real Estate, Political Events, Government Budgetary Expenditure, Tourists’ Arrivals, Total Exports, Gross Public Debt, and Money Supply M3.
Scope of the Article: Real-Time Information Systems