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FinancialNews
12-09-18
Lebanon sees 13 percent decline in 2018 construction permits
(MENAFN) Lebanon has seen a 13 percent decline in the number of construction permits granted during the first seven months of this year.
The decline has been driven by the boost in land prices across Beirut, as explained Ramco Real Estate Advisors' chairman and founder, Raja Makarem.
During an interview with Xinhua, the chairman stated "this does not encourage developers to buy lands and start with new projects."
Makarem noted that the condition witnessed in the real estate market mainly started due to the difficult political situation.
He added "this is why developers are not getting involved in new projects and only those who have started construction four or five years ago are still continuing their projects."
MENAFN1209201800450000ID1097419990
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