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Mira Dandan 28 Mar 2017

Lebanese Real Estate: A Tale Of Beauty, Luxury And Unfortunately, Fantasy

Lebanon’s luxury towers and buildings are a reality for some, but a distant dream for many.

Beirut is being rebuilt and this is no secret. We often post about the old buildings that are being demolished, and the modern architecture that they are being replaced with, and furious that this can be done so easily.

From solidere.com

Amongst these new developments and buildings is an even larger problem that affects us ordinary people. We may not be able to afford that $5 million apartment in Zaytounay Bay, but this means that we also can’t afford that sky high rent on that tiny studio flat in Beirut.

Though Solidere prides itself in rebuilding Beirut, Downtown is a ghost town. Walking through what once was the liveliest part of the country is now hallowed with an eerie silence. Look up, and you’ll see closed shutters and empty buildings, for only a few can afford the luxury that is a home in this area.

The Telegraph has described Beirut as a “phoenix from the ashes” since this city now attracts global investors and property experts. This is great for the economy, and indeed real estate accounts for a massive chunk of that, however, for the ordinary man and woman this spells disaster, and another worry to add to our ever-long list of worries.

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What exactly do homeowners get for this staggering price other than their home?