N.B This post was originally published in November 2015.
We woke up one day and found that a typical apartment in Beirut costs upwards of $1.5 million, and I’m not talking about a swanky apartment with a gym or anything like that – those are likely to run you in the double-digit-millions. I’m talking about a fairly average apartment in Ras Beirut. How does this reflect the reality of wages earned in Lebanon? Do citizens not have a right to live in their own capital?
There’s always been a problem with price indexing in Lebanon, pricing is erratic and uncontrolled – but real estate in Beirut is a problem in particular.
And I love when real estate companies try to sell you on areas outside of Beirut like, “Oh Metn is only a 16 minute drive from Lebanon’s capital.” It’s like bitch what are you driving? An airbus? I spend 16 minutes at a traffic light in Hamra every single day. And what’s with the fancy as fuck names for these apartments? “Luxury High Sky Tower” – just name your apartment “Rich Dicks Only” and be done with it.
Beirut has become the city where you can have breakfast, lunch, and dinner for under $7, and need several millions for a very average family-sized apartment.
And the banks with their 3-5% interest rate. After you get through the grueling process of applying for a loan, after you give up your soul and pawn your youngest child in exchange for a compounded interest rate that is sure to screw you for the next 30 years, then come the down-payments: “Just pay 1/3 of the total apartment price.” Okay cool, please hang on for one second while I reach up my ass and grab $500,000 real quick. Let’s not forget that at least 30% of Lebanese citizens live below poverty lines – and that’s an outdated and conservative estimate. Real estate brokers should make special deals with us, trade kidneys for down-payments.
We woke up one day and found that a typical apartment in Beirut costs upwards of $1.5 million. When did this happen? And how can we stop it?