Even though the continuous political standoff, the Lebanese real estate market was increasingly lively in 2010.
For the fourth consecutive year, the Lebanese property market continued to ride the upward trend. The value of property sales reached $9.5 billion, buoyed by a great demand from Lebanese residents, expatriates and Gulf Arabs, registering an increase of 35.1 percent in comparison with 2009. Property sale transactions reached 94,202, an upsurge of 12.7 percent relative to 2009. The scarcity of land plots and growing demand remained the main reasons behind increase in prices. However, the fourth quarter of 2010 witnessed a slowdown with the number of property sales, a decline of 12.2 percent relative to the same period 2009, according to the directorate of real estate. This was attributed to the political standoff in the country, say real estate experts.
It would be interesting to highlight that the value of property sales in Beirut, grew by 23.2 percent. The increase in average property prices also induced a rise in rental prices, according to Bank Audi’s economic report. Beirut Central district ranked 30th out of 59 cities surveyed in 2010 in retail location prices while ranked 33th in 2009, according to a study published by Property consultants Cuhsman & Wakefield.
All agree, however, that lower and middle income earners can’t afford Beirut with apartment prices starting from $1 million. Apartments will become beyond their reach in the future, they said.
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.