Foreign investment in real estate services [assuming trading/broker activities] is subect to incorporation as a joint-stock company.
Since 2019, board members of joint-stock companies are no longer required to be shareholders of the company. Hence, the remaining requirement for one-third [previously the majority] of the board of directors of joint-stock companies to be of Lebanese nationality no longer represent a limitation to foreign shareholding anymore. This affects particularly investments in the following sectors: insurance, economics [financial services & real estate], supplies [utilities], organized air freight [air transportation], banking or finance - since a joint-stock company is the only form of business permitted in these sectors. For the purpose of the OECD FDIRI, it is assumed there is no longer an equity restriction in place in this regard, unless otherwise restricted in sectorals laws.


 where Lebanese national hold a majority in the Board of Director and the majority of the capital share of the company. For the purpose of the OECD FDIRRI, it is assmumed that this measure found on the IDAL's website (the Government Investment Promotion Agency) applies, although the underlyign regulation could not be identified/verified.

Since 2019, one-third [previously the majority] of the board of directors of joint-stock companies are required to be composed by Lebanese nationals. Investment in a few sectors - insurance, economics [financial services and real estate], supplies [utilities], organized air freight [air transportation], banking or finance - are particularly affected since joint-stock companies is the only form of business incorporation allowed according to sectoral regulations. Branches of foreign companies may sometimes be allowed (e.g. banking), but such requirement remains more burdensome for established foreign investors. For the purpose of the OECD FDI Regulatory Restrictiveness Index, the restriciton is considered only in the affected sectors.
"[...] JOINT-STOCK COMPANY (S.A.L) 
A Lebanese Joint Stock Company is governed by Decree-Law No 304 of January 24, 1942 and its amendments and is commonly referred to in Lebanon as S.A.L. An SAL is constituted amongst shareholders who are only liable to the extent of their contribution in the capital of the company and who subscribe to negotiable instruments referred to as 'shares'. Lebanese joint stock companies must necessarily have the Lebanese nationality, and must by all means establish their registered office in Lebanon.
IN BRIEF
-Capital: minimum of LBP 30,000,000 divided into negotiable instruments, the shares
-Shareholders: minimum of 3
-No restrictions on foreign ownership of shares except for certain restricted sectors (mainly the public sector, media, commercial representation, real estate and other specially regulated industries [...]" (Government of Lebanon,"Business Structures in Lebanon", Investment Development Authority of Lebanon (IDAL))
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[Text of the Law No.126 of 29/03/2019 modifying certain provisions of the Lebanese Code of Commerce: not found in French or English]
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[Previous legislation]
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"CHAPTER 3 - Operation of joint-stock companies
Section 1 - Directors
Article 144 (as modified by the Law promulgated by Decree N° 9798 of 4 May 1968)
The management of the joint-stock company shall be entrusted to a Board of Directors consisting of three members, at least, and of twelve members, at most.
Without prejudice to what could be provided by special legislation for certain joint-stock companies, the majority at least of the members of the Board of Directors must be of Lebanese nationality.
The Hoard of Directors must appoint one of its members for the chairmanship. 
[...]
Article 147 (as modified by the Law promulgated by Decree N° 14028 of ----------- (16 March 1970
The general meeting elects the members of the Board of Directors from among those shareholders who hold a minimum number of shares as fixed in the Articles [of Association of the company]. Such shares shall remain registered; they shall be struck with the "not negotiable" stamp and deposited in the company's treasury.
They shall be assigned to provide security for the individual and collective liability of the Directors for all acts of mismanagement of which they might be guilty. [...]" (Lebanon Code of Commerce: Legislative Decree N° 304 of 24 December 1942)
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"Limited Liability Company S.A.R.L
The object of an S.A.R.L may not be related to insurance, economics, supplies, organized air freight, banking or finance. [...]" (Government of Lebanon,"Business Structures in Lebanon", Investment Development Authority of Lebanon (IDAL))
Government of Lebanon,"Business Structures in Lebanon", Investment Development Authority of Lebanon (IDAL)
Law No.126 of 29/03/2019 modifying certain provisions of the Lebanese Code of Commerce
Lebanon Code of Commerce: Legislative Decree N° 304 of 24 December 1942.
Government of Lebanon,"Business Structures in Lebanon", Investment Development Authority of Lebanon (IDAL).
[<a href="http://investinlebanon.gov.lb/en/doing_business/starting_a_business/choose_a_business_structure">Website</a>],[<a href="http://www.databank.com.lb/doc.asp?ID=940">Code</a>],[<a href="http://www.aldic.net/law-no-126-of-29032019-modifying-certain-provisions-of-the-lebanese-code-of-commerce-legislative-decree-no-304-of-24121942/">Other</a>]