Whether you are seeking to buy an apartment in Lebanon or are just keen to learn more about the situation of the property market in Lebanon, the present article will provide you with useful latest updates as of October 2011.
After several years of unflinching growth, of double digit increase in prices and of hyper activity, the real estate market in Lebanon has recently moved into a more stable phase. Traditionally, the local market was mainly driven by a highly liquid expatriate community particularly Lebanese living in the Gulf and other parts of the world. The scarcity of available funds in most of these countries has changed purchasing conditions on the Lebanese property market.
Real estate in Lebanon has now entered a more stable phase with reasonable growth that looks healthy and sustainable. The most significant market indicator which is demand still points to a healthy situation however, it has become increasingly sophisticated and buyers are trying to identify apartments at below their fair market value.
In the following lines, we will show potential real estate opportunities for selected areas in Beirut.
In Achrafieh, there is a significant potential for office development along the Pierre Gemayel Avenue and on the southern side of the Charles Helou port area. Those areas offer competitive price and an easy access to the central part of Beirut.
Hamra is currently registering some of the highest retail occupancy rates in Beirut. It is a destination address that attracts a large vibrant student population and professional community including foreigners. With many food and entertainment hot spots, Hamra currently offers many opportunities in sales and lettings.
Stretching roughly over six kilometers of the Mediterranean sea, the seafront of Beirut is an ideal place to locate visible and landmark towers. There are currently approximately two dozen plots that offer an unobstructed view of the Mediterranean. This limited supply gives the area its niche market cachet and ensures the existence of ready clientele for its products.
The Hazmieh area is also thriving through additional new development projects mainly in the Mar Takla neighborhood with an emphasis on mid-sized local targeted apartments. The upcoming development of a big mall in this city will certainly provide an additional boost to the area prices and benefit the overall sales and rentals activity in the surroundings.
To summarize, real estate in Lebanon is experiencing a healthy and more stable growth at this point in time. Mid-sized apartments are favored over other asset classes whether for residential use or investment purposes. Certain areas in Beirut are thriving with a number of new development projects and overall, the stable trend is expected to continue as we finish 2011 and enter into 2012.