Real Estate on the rise

Political stability encouraged investors to tap property market: report

July 22, 2011- Political and security stability in the country has eased the apprehension of investors who reconsidered investing in the Lebanese market, mainly in real estate and tourism sectors, said a report by Coldwell Banker – Kuwait.

Real estate pricing varies depending on the location and the building facilities of the apartment. Prices of properties along the waterfront line, in Solidere zone, as well as other high-status Beirut areas, like Ashrafieh and Verdun, can run between 3,000 and 7,000 dollars for each square meter.

The report expects the real estate market to maintain a rising trend if the successive governments continue to enhance infrastructure and modernize investment laws. According to the report, mid-sized apartments are attracting most residential projects in the suburbs of Beirut.

The report said the main incentive for upholding the affluent rate of residential apartments’ trade was a Central Bank circular encouraging commercial banks to offer housing loans. Banks currently offer long-term loans, up to 20 to 30 years, at interests less than 5.9 percent.