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Demand shifts to suburbs

Posted by beirut RE on December 14, 2014
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BEIRUT: Lebanon’s real estate market has entered a slowdown phase, particularly in the capital, where developers are offering discounts of up to 15 percent on residential units under construction.

However, on the outskirts of Beirut, investors can still profit from prices that are ascending, albeit at slower pace, mainly in the Metn and Baabda districts, industry experts told The Daily Star.

“Despite a drop in demand, developers have maintained the same asking price for residential units in Beirut due to the high price and scarcity of land. However, serious buyers are being offered discounts of up to 15 percent,” Nadim Kazma, senior property consultant at the PBM real estate agency, told The Daily Star.

The shift in demand for more affordable residential units outside the capital would see the value of properties in the Metn and Baabda districts rise, though at a slower pace, Kazma added.

“Developers outside Beirut have been faster to adapt to the shift in demand from large toward small-size apartments,” he explained, “and have benefited from increased demand on more affordable housing units outside the capital.”

Residential units on the outskirts of Beirut could rise 10 to 15 percent in value annually for the next two to three years, Kazma said, provided that the security, political and economic situation improves…

via Real estate demand shifts to suburbs