Lebanon has witnessed an upheaval in recent months over the new law liberating old rental contracts. Inflamed, people took to the streets, some for — some against. While the rental law reopened the public debate over the implications of real estate legislation on social equity, the need for fair and adequate property legislation is hardly limited to the issue of rents. A different real estate law is, in our opinion, very misleading to potential homebuyers and should be revised: the law on accounting for the metric size of a residential unit. The homebuyer ends up receiving two different sizes for the apartment: the official size mentioned on the property deed and the size communicated by the developer. The official size on the property deed only accounts for the gross inner living area including shafts, the thickness of the walls, planters and flower beds, and the size of the balconies. Developers,
The buyer should be charged for the total net sqm for the apartment, and the extra common areas he’s going to share & use with other owners should be calculated at a special rate per sqm which will cover the developers cost without making that over and above profit from unit buyers since developers can’t sell and market those units as is thus this will not promote the sales machine and as well the real estate industry market.
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The buyer should be charged for the total net sqm for the apartment, and the extra common areas he’s going to share & use with other owners should be calculated at a special rate per sqm which will cover the developers cost without making that over and above profit from unit buyers since developers can’t sell and market those units as is thus this will not promote the sales machine and as well the real estate industry market.
Comments are closed.