Interest in prime Beirut properties has risen since the election of a new president and the expected formation of a national unity government, real-estate companies said on Wednesday. "We expect more investors to contact us soon to buy or rent properties in Beirut Central District [BCD]. But it will take some time before these things materialize," Mounir Dowaidi, the general manager of real-estate juggernaut Solidere, told The Daily Star...The solution to this madness, as proposed by one real estate developer:
..."The demand for properties in Lebanon in general and Beirut in particular have oddly risen by 115 percent since the beginning of 2007, despite political deadlock," Joe Kanaan, general manager of Sodeco Gestion real-estate agency, said.He added that once Michel Suleiman had been declared president, his office was flooded with inquires from Lebanese expatriates who were keen on buying houses and apartments in Achrafieh and some other parts of the capital.
"We are signing several sale contracts every day and most of these transactions are centered in Beirut," Kanaan added.
The agents agreed that Lebanese expatriates have accounted for the bulk of property purchases in Beirut since 2005.
As a result of strong demand, the per-meter price of property in Achrafieh has risen from $1,000 to $2,000 in less than two years.
"You won't find an apartment that goes for less than $350,000 in Achrafieh and if you move to more fancy places in Beirut the price will go as high as $800,000," another broker said, adding that Lebanese expatriates have bought $2.5 billion worth properties in 2007 alone.
"People who are looking for apartments in Beirut less than $350,000 are wasting their time. I recommend that they start hunting for houses outside the capital," Kanaan said.Freedom's just another word...
1 comment:
your absolutely right i had a house in sakiet il janzir ...bought it for 270000...now its worth $850,000
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