Real Estate articles

Gentrifying Gemaizeh

Gentrifying Gemaizeh

In the last two years, Gemaizeh, the neighborhood due east of the BCD, has seen property prices rise by an average of 50% across all categories, as restaurant owners, property developers and discerning homebuyers have identified the district’s commercial potential. At least $50 million has been invested in residential and retail projects in the area

Hot property

It is encouraging to be able to report that 2003 saw further movement and increased (mainly foreign and expatriate) demand for properties in the residential market, one which is expected to register as much as 15% annual growth in property transactions. This will come hard on the heels of the 30% growth witnessed in 2002,

Dirty deals

Despite cautious optimism in some areas of the residential market, development anywhere in Lebanon is and will continue to be fraught with problems, especially corruption and suffocating and over complicated bureaucracy. Developers are at their wits end “You try to be very legal but they always find a way to tell you it’s not legal

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