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 Let’s not forget that at least 30% of Lebanese citizens live below poverty lines - and that’s an outdated and conservative estimate.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?

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Sorry lama but your figures make this blog comical. If all the numbers you are seeing are 1.5 mill and up then maybe u need to search outside of beirut's fanciest areas with 300m2 of sp lebanon does suffer from all the problems you mentioned but overhyping these problems does not help in solving them. It just makes us look ignorant.

Walid Olaiwan on Jun 29, 2016 via mobile web
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Breakfast, lunch and dinner for under 7usd??????

Taline Torikian on Jun 28, 2016 via mobile web
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Literally what happened to me... and that was not in Ras Beirut! It's in the outskirts. The poor areas surrounding our clean magnificent sustainable calm capital... My village is at 40mn drive and I can't even stay there! The solution is decentralization! We need development in other rural areas! Mount-Lebanon, Chouf, South, North... We need to be able to stay in our villages if we want to with our kids being able to learn in gd schools and us having gd access to health and governmental services without having to go to Beirut every time we need something! More should be invested in other regions, and the demand on real estate in Beirut will eventually drop. More investments in rural areas will open new doors to other people to invest and this will generate a positive economic cycle = more people = more money = more readiness to invest

Jad Merhi on Jun 27, 2016 via web