Home BusinessReal EstateEating away at the edges

Eating away at the edges

by Nada Nohra

“Buy land, they’re not making it anymore,” said the American author and humorist Mark Twain. Following Twain’s advice in a small country like Lebanon makes sense, as both the country’s geography and booming real estate sector have pushed quality plot prices to a premium. That Lebanese can buy land in Lebanon is a fairly uncontentious issue; allowing or restricting foreign ownership in the country is, however, highly controversial. The issue has created a schism in the political arena between those who lobby for an open economy to attract investment, and those who want to fight speculation and preserve Lebanon’s identity. The Maronite patriarchy, among the opponents of unfettered foreign ownership, recently issued a 175-page report entitled “Niyyel elli baad aandu marqad aanze bi Libnen,” which, roughly translated, means: “Anyone who has enough space in Lebanon for a goat to lay down should count themselves lucky.” The report questions the accuracy

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