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FinancialNews


  • 10-12-18

    Lebanese real estate market on catastrophic decline

    (MENAFN) Lebanon is suffering from fallen prices and a standstill in its construction sector, raising grave concerns over a collapse in the country's real estate market.

    Lebanon was slapped with a 20 percent decline in its property prices within the capital, Beirut, with the number of people wishing to make a purchase dropping and key construction initiatives suspended.

    Guillaume Boudisseaul, from property consultants Ramco, noted that "some 3,600 unsold apartments exist today in Beirut alone."

    In October, bank and property firms commenced what was described as a short-term solution with a plan valued at USD250 million for the purchase of over 200 flats and then put them for sale for Lebanese expatriates.

    Property investment expert Jihad Hokayem stated: "these measures only cover up existing or potential bankruptcies. It's the beginning of a total collapse."

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