The launching of R.E.A.L. aims to cope with the boom in the real estate sector. “We seek to gather and re-group real-estate brokers, consultants, and experts to protect the sector,” said a manager at R.E.A.L. who preferred not to be quoted for this article.

R.E.A.L. will offer consultancy, communication, advisory, legal, and promotional services, amongst other activities.

Its founder is Masaad Fares, a real estate consultant, and head of Prime Consult, a sales and marketing firm. He founded the association with the help of partners- Joe Maatouk and Samir Barrage, also from the business.

The association will bring together more than 200 members, with experience in brokerage and consultancy. It seeks to oversee the real estate sector to defend the interests of professionals in the field and their clients through the application of a code of ethics. It also targets to offer aid in the backing of modernization of local laws.

At a later stage, R.E.A.L, will launch a quality department to deal with disputes that may occur between members and their clients.
 
“We hope to become a syndicate in the future,” said the manager.

The opening ceremony was attended by the Minister of Economy and Trade, Mohammad Safadi. “R.E.A.L. will work to improve the general reputation of the real estate sector on a national scale, and in turn to make the profession a recognized one, regulated by an ethical code,” he said.

Safadi said that investments in real-estate market in 2009 have reached $7 billion, mostly from Lebanese (80 to 90 percent).

He said that the real-estate boom has not spread all over the country and is still limited to the Beirut area and its surroundings.

Safadi warned that the bubble in the property market may affect negatively the purchasing ability of low and middle income groups as it has not been translated into tangible results in terms of stimulating the economic activity in the country.