A survey on the quality of living in 221 cities around the world by global consultants Mercer Human Resource Consulting ranked Beirut as the 172nd most desirable city for overall living standards and 16th among 24 cities surveyed in the Middle East and North Africa (MENA) region in 2010, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Can someone explain to me why the hell are houses that expensive in Lebanon if we are ranked so low?
Demand/Supply? Speculation? The development of a real estate bubble?
Whatever it is, I doubt its sustainable. Just make sure you stand back as the whole thing falls apart.
Why do u think it will fall apart? This is not the US and the banks are pretty much in control here.
Loans are impossible to get and the interests are so freakin high!
To be honest, i truly hope this whole speculation thing falls apart but i don’t see it happening.
I agree with Najib on this one. I don’t see why things would fall apart.
I however, do believe that the prices would stop escalating at such a fast pace soon and reach some sort of stability (or so I hope).
I have to agree with Jad, I have been hearing a lot of talk about the real estate bubble popping, and soon. The housing/rental market in Lebanon is simply out of control, and is definitely not sustainable..
I agree, stand back!
Turn it around: maybe Beirut is ranked so low (partially) because housing is so expensive?!?
The reason why the real estate market is so expensive is because of all the ex-patriots and foreigners buying property in Lebanon. These people are their main buyers, NOT the locals. For a normal Lebanese these prices are very high but to outsiders it is an affordable market. This is the sole reason to the crazy inflation in the real estate market. The only bubble that will pop are the pimples on your back. If you look over the trend before, through and after the civil war the only market that has been stable and increasing is the real estate market. If you have the money don’t stand back. BUY BUY BUY!!!
Beirut is ranked so low because of Hezbollah and the security issues we have here. They don’t consider Lebanon as a safe country yet.