Real Estate

Following a brutal war that ravaged the Land of the Cedars and its capital Beirut, it was time to rebuild the whole country.

In the early post-war era, in the first half of 1990s, Lebanon witnessed a frenzied activity in the real estate industry where new developers attempt to cash in on the construction boom.
This resulted in a temporary glut of unsold apartments, some built without regard to the demands of the market. Experienced developers then regained the upper hand and in the past few years, supply and demand have come more into balance.

Land prices in the capital are clearly the highest, followed by Mount Lebanon and Metn in particular. The cheapest land is on the Bekaa side of Mount Lebanon.

Now that the big economic downturn hit the globe, George Sioufi believes that “real estate in Lebanon appears to remain immune to this crisis bedeviling the world”.

In this small country towers and buildings are rising like mushroom in a meadow and the real estate is experiencing a historical boom.

However some might consider this upswing as new siege on Lebanese territory, the enemy: unrestrained real estate development.

George Sioufi is more optimistic believing that “the flourishing of the real estate sector in Lebanon is yet another sign of the splendid potential this small country is able to offer.”

Beirut has a history of surprising comebacks despite the wars that have plagued it for decades. This city had restored its credibility as a viable recipient of foreign direct investment.

What is clear for now is that Lebanese and Arab companies are investing billions of dollars in the real estate sector in Beirut and other areas, reflecting greater confidence in the country despite constant challenges.

For now, participants in major construction and contracting exhibitions all agreed that Lebanon is a favored location for international businesses, financial and other specialized services and institutions, as well as a tourism destination and a prime residential area.

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