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 and, unlike other areas of Beirut, demand appears to be strong. It is arguably Beirut’s most dynamic district. Gemaizeh’s renaissance can arguably be traced back to the renovation of the old glass café (Ahwat Azaz) in 2001 and the opening of Paul, the up-market bakery in February 2002. Before that the area was charmingly distressed but commercially comatose. Today, land is selling at $800/m2 of BUA, an increase of more than 200% in two years and an accurate reflection of its proximity to the BCD where plots are selling for roughly $1,000/m2 of BUA. Residential