lebanon’s property market ‘on the brink of collapse’
Last Updated : GMT 08:51:31
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 08:51:31
Egypt Today, egypt today

Lebanon’s property market ‘on the brink of collapse’

Egypt Today, egypt today

Egypt Today, egypt today Lebanon’s property market ‘on the brink of collapse’

An unfinished building under construction
Beirut - Egypt Today

Lebanon’s once soaring property market is on the brink of collapse amid plunging prices and a construction standstill.

A boom that began in 2008 fueled by sales to Gulf state citizens and Lebanese expatriates was halted by war in Syria in 2011 and the oil-price slump in 2014, and has since gone into reverse.

Property prices outside Beirut have fallen by nearly 20 percent. In the capital, buyers are few and high-profile construction projects have ground to a halt.

“Some 3,600 unsold apartments exist today in Beirut alone,” says Guillaume Boudisseau of the property consultants Ramco.

Bank and property companies launched a $250 million scheme in October to buy more than 200 flats and sell them to Lebanese expatriates. But Jihad Hokayem, a property investment expert at the Lebanese American University, said such initiatives were temporary fixes.

“These measures only cover up existing or potential bankruptcies. It’s the beginning of a total collapse,” he said.

Economic expert Louis Hobeika told Arab News apartments in Beirut still commanded prices above $700,000, and what was happening was a correction.

“There is no demand,” he said. “Those who want to buy are going after real estate outside Lebanon, with incentives such as residency. The Lebanese are starting to buy in Cyprus, Portugal and Malta.”

Another economist, Essam Al-Jardi, said: “Developers invested billions of dollars in luxury buildings during the boom, but the economy has declined and growth is only 1 percent.

“I am afraid of any mistake that may push the country into the unknown.”

From :Arabnews

 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

lebanon’s property market ‘on the brink of collapse’ lebanon’s property market ‘on the brink of collapse’

 



Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 06:48 2017 Saturday ,18 November

Hanan Metawe denies apology for “Major Treason”

GMT 17:03 2018 Monday ,26 November

UK parliament seizes confidential Facebook documents

GMT 10:52 2017 Monday ,18 September

Mohamed happy for success of “Masquerade” play

GMT 00:12 2017 Saturday ,14 January

The incredible story of a globe-trotter

GMT 13:11 2017 Thursday ,21 September

Difference between glasses and vision correction

GMT 05:02 2017 Monday ,06 February

Westin Nanea opening ahead of schedule

GMT 16:39 2017 Monday ,08 May

Coal won't make a comeback

GMT 17:13 2011 Wednesday ,21 December

Captain D’s buys Grandy’s

GMT 07:31 2017 Tuesday ,26 September

Whale carcass dug up from Australian

GMT 10:31 2017 Tuesday ,25 April

Habib Shartouni's trial postponed till April 28

GMT 08:27 2017 Wednesday ,25 October

Maged Al Masry reveals details of his American film

GMT 12:33 2013 Wednesday ,21 August

Lyme disease more prevalent than previously thought

GMT 15:42 2018 Tuesday ,04 December

EBRD President Suma Chakrabarti to visit Egypt

GMT 21:37 2018 Friday ,23 November

Bahrain's efforts to protect women's rights praised

GMT 16:28 2011 Saturday ,23 July

German girl grabs gold in Math Olympiad 2011

GMT 07:00 2017 Wednesday ,19 July

Nadeen happy for “Ward Jori”

GMT 13:52 2013 Thursday ,03 October

Nouvatan debuts self-tanning range for men

GMT 02:29 2016 Thursday ,23 June

Amazon launches upgraded Kindle e-reader

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

All rights reserved 2021 Arabs Today Ltd.

All rights reserved 2021 Arabs Today Ltd.

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday