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Slump begins to hurt
Lebanon’s real estate developers are singing a different tune these days. Gone is the talk that residential property prices will never go down as three years of a slump are taking their toll. “We’re all having to discount, let’s not kid ourselves,” Nabil Sawabini, chairman of MENA Capital , tells Executive. How much are developers knocking off the price tag of a new home? …
Corrupt state employees
BEIRUT: Finance Minister Ali Hasan Khalil vowed Wednesday to pursue his anti-corruption drive in the real estate department and assured that the political immunity would be lifted on any official involved in illegal activity.Speaking at a news conference after visiting the Justice Palace, the minister said that he handed to the attorney general seven files pertaining to the illegal seizure of government-owned lands in …
Demand shifts to suburbs
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 …
