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No Money. No Honey

Lebanon’s real estate market has recently witnessed an oversupply of luxury apartments particularly in the capital. Consequently and in order to fit demand, developers have turned into the construction of small apartments, ranging from 60 and 150 square meters.A strategy, that might help the Lebanese youth afford housing.

 

For real estate experts, the market is now local. Demand for apartments larger than 300 square meters which are priced at over $1 million, is stagnant.

 

Georges Daou, a Lebanese resident whose monthly income does not exceed $1,000 has been searching for about a 60 square meter apartment in Beirut. Large apartments are too expensive, exceeding sometimes $3 million. “No money to afford it,” he said.

 

Economist Louis Hobeika who believes there is now an excess supply of apartments, offices and shops which is a normal circle as a result of price upsurge, has recently advised developers to move towards the construction of small and medium sized apartments.

 

According to real estate experts, the market is now for small-budget buyers as demand from Lebanese expatriates, Gulf and Arab nationals has been slowing down.

 

It’s worth mentioning that Lebanon’s real estate sector settled down in 2011 with a number of real estate transactions falling by around 12 percent compared to 2010.

 

If some analysts expect property price drops in the upcoming months, mainly due to the regional turmoil, for many, luxury housing is no exception.

Photo: imageofmoneyphotstream

Beirut

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  • 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.
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