Gemayel urges freeze on sale of Lebanese real estate to foreigners

Kataeb party MP Sami Gemayel urged the Lebanese state Tuesday to impose a moratorium on the purchase of real estate by foreigners. Gemayel submitted a draft law in this regard to Parliament, pending a new law to regulate foreign ownership. “I have suggested a long-term lease agreement under which the Lebanese would maintain ownership of property and reclaim it at the end of the lease's duration,” Gemayel said. He explained that he decided to draw up the draft law because property sales have reached “unacceptable and unreasonable levels in light of the Lebanese state’s inability to protect the interests of its people.” By The Daily Star