Slow market with resilient prices
After four years of growth, the Lebanese real estate market has witnessed a slowdown in activity since beginning of 2011. The Audi Bank report on Lebanon’s real estate issued on July, 2011, attributes this year’s slowdown to the political bickering and regional political security unrest with adverse spillovers on Lebanon’s growth momentum in general and real estate investment in particular.
However, despite correction in sales activity, reality prices stood still, the report states. “Buyers are becoming pickier when it comes to purchasing property and developers are not in a hurry to close sales deal.”
“While make activity slows down this year, demand for reality Lebanese is holding up relatively well. Property demand mostly stems from end-user Lebanese nationals, expatriates seeking a foothold in the country of origin notwithstanding a high-end demand from Arab nationals.”
The market has seen an increasingly shift towards smaller lodging, states the report. However, “while the retail space has still benefiting from relatively steady interest, the office market has remained stagnant.”
According to the report, the market is to remain flat in the near term. “The market is witnessing different conditions since last year with locals and expatriates gradually digesting new prices. Until the housing stock got to the market and the projects launched about three years ago totally sold and smaller flats find their way into the market real estate prices are likely remain at or near current levels."
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.