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 08:01 2013 Wednesday ,20 February

Microsoft switches Hotmail accounts to Outlook.com

GMT 13:32 2013 Sunday ,08 September

China frees dissident convicted on Yahoo evidence

GMT 06:30 2015 Thursday ,24 December

Gazans celebrate Christmas

GMT 21:09 2016 Sunday ,23 October

Mahlab inspects new Assiut barrage project

GMT 16:29 2011 Monday ,14 November

KEDO to demand USD 1.89 billion from N. Korea

GMT 16:22 2011 Tuesday ,17 May

Quake-hit Japan cancels Copa America plans

GMT 15:15 2016 Wednesday ,24 August

Deal puts Microsoft apps on Lenovo phones

GMT 15:48 2013 Wednesday ,28 August

Kashmir separatists demand scrapping of Mehta concert

GMT 04:32 2016 Saturday ,29 October

Cassette tapes fast-forward to new following in Asia

GMT 17:01 2018 Tuesday ,23 January

'The Shape of Water' leads Oscar nominations with 13

GMT 11:30 2017 Monday ,09 January

McDonald's sells China operations for $2.08 bn

GMT 07:13 2018 Wednesday ,10 January

French kosher store burns down on attack anniversary

GMT 08:35 2017 Thursday ,27 July

Egypt FM talks Libyan crisis in Paris

GMT 07:29 2012 Monday ,02 January

KT set to launch much-awaited LTE service

GMT 13:48 2011 Thursday ,22 September

World\'s first hybrid car is brought back to life

GMT 11:59 2016 Wednesday ,09 November

Mexicans, peso thunderstruck by Trump win

GMT 07:38 2017 Tuesday ,22 August

Egypt's prime minister lauds work of media

GMT 09:19 2015 Tuesday ,06 January

Comet probe 'may revive in March'

GMT 08:32 2014 Thursday ,28 August

Kuwaiti FM to depart to Jeddah on Saturday

GMT 01:29 2013 Tuesday ,19 February

Tharwat demands: Brotherhood out!

GMT 09:26 2017 Monday ,27 November

Dolly the cloned sheep was not old before her time

GMT 08:45 2017 Sunday ,29 October

Controversy-battered Uber hires

GMT 11:18 2017 Thursday ,20 July

Malaysian Divers Fail To Secure Medal
 
 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