Real estate is no longer viewed as a vital investment in the world’s more modern economies. Bricks and mortar have been replaced by investment tools that carry greater liquidity and generate higher returns in today’s fast-paced, get-rich-quick world. The number of individuals investing in stocks and mutual funds has skyrocketed over the last decade. More than 50% of US households now own stocks.
In Lebanon owning property is still what matters. The real estate sector is an integral part of the Lebanese economy. Indeed, cement deliveries and construction permits are key economic indicators, while real estate giant Solidere accounts for about two-thirds of the market capitalization and the majority of trading on the Beirut Stock Exchange.
To reflect what’s important to the business community, this month EXECUTIVE introduces a new real estate section. As with any other sector, the magazine will give real estate in-depth, analytical coverage.
Though there are some real opportunities out there, currently Lebanon’s overall real estate market leaves much to be desired. Regulation is lacking, it’s difficult to get a hold of solid data and Solidere, which is responsible for rebuilding the Beirut Central District, has continual permit problems with the government. The real estate market is oversupplied, but there is a shortage of low- to medium-income housing. Even though prices have come down, they are still considered to be too high. Nobody knows when real estate will turn around.
EXECUTIVE will continue to uncover positive developments but will not ignore the hazards of the market.
