In some ways, reality is finally settling in with real estate developers in Lebanon. After years of unprecedented growth, the sector is waking up to the harsh effects of a continuing global financial downturn. Political and humanitarian crises in Lebanon and Syria have had a direct effect on sales and have increased investor wariness. And the ever-shrinking availability of feasible land has compounded an already chronic shortage of it in such a tiny country. With those factors in mind, two clear trends are emerging this year: a move toward what some developers are calling “affordable” housing — smaller homes in Beirut selling for under $500,000 per unit, by their measure — and the construction of gated communities on the periphery of Beirut. Along with this, the continued demolition of many of Beirut’s cultural landmarks — from the classic French and Ottoman-style homes and storefronts to neglected ancient ruins — in
