lebanon’s property market ‘on the brink of collapse’
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
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’



GMT 10:25 2016 Tuesday ,06 September

Hanjin to spend $90mn

GMT 23:52 2016 Monday ,22 August

China's Didi enters car leasing business

GMT 08:06 2017 Wednesday ,11 January

UAE to invest $163 bn to diversify energy

GMT 09:16 2016 Wednesday ,07 December

Hosszu launches short course swimming worlds with a bang

GMT 12:14 2017 Saturday ,11 March

Trump has no clear strategy in Iraq

GMT 14:49 2016 Monday ,26 December

Tehran seals deal with Boeing at half price

GMT 15:56 2013 Monday ,11 February

4 Security members killed in attacks in Iraq

GMT 14:21 2013 Monday ,04 February

Melhem Zein rules out retirement

GMT 07:32 2015 Saturday ,30 May

Shaq shares images of his pre-pedicured feet

GMT 04:46 2016 Wednesday ,07 December

Court postpones Ghoneim trial to January 15

GMT 14:33 2018 Wednesday ,14 November

Weather forecast: Drop in temperature, rain expected

GMT 19:28 2011 Sunday ,06 November

4 Best Kamasutra sex positions

GMT 09:42 2014 Sunday ,31 August

Relatively hot weather forecast today in Jordan

GMT 07:48 2017 Tuesday ,22 August

Omran appointed acting chairman of EFSA

GMT 13:40 2013 Saturday ,06 July

Paris shows wrap up

GMT 21:16 2017 Friday ,13 January

Tata Sons appoints new chairman

GMT 07:15 2011 Sunday ,23 October

Seoul Winter Festival

GMT 03:54 2012 Monday ,30 January

Sunny break alternative to IVF

GMT 12:17 2011 Sunday ,18 September

Almaty stages \"Apple Fest\" to celebrate city day

GMT 09:37 2017 Tuesday ,15 August

James Mattis warns N. Korea 'It's game on'
 
 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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

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