Real Estate articles

Empty towers

Empty towers

Reading Time: 2 minutes Seven years ago if you went out at night and looked at some of the newer residential buildings completed in Beirut, you would notice that many of the flats were dark. At that time, the explanation was that the owners were either foreigners or Lebanese expatriates who only use the apartments for a few weeks

The slump begins to hurt

Reading Time: 5 minutes Lebanon’s real estate developers are singing a different tune these days. Gone is the talk that residential property prices will never go down as three years of a slump are taking their toll. “We’re all having to discount, let’s not kid ourselves,” Nabil Sawabini, chairman of MENA Capital, tells Executive. How much are developers knocking

Angry faces are painted on port construction material.

No project, but no public

Reading Time: 4 minutes This article is part of a continuing Executive investigation into public and private lands along Beirut’s western coast. For more stories in this series, click here. When the Ministry of Environment called today for the Municipality of Beirut to deny building permits on Raouche’s coastal Dalieh area, it didn’t faze the owners of the private property.

High price madness

Reading Time: 3 minutes Residential development trends are catchy. Companies in Lebanon very often adopt whatever seems to be working best or whatever is applied most on the residential market. Why reinvent the wheel, indeed? While this maxim may hold true in many instances and certainly simplifies life, the underlying reason behind a particular strategy may be diluted or

In photos: The creative cave

Reading Time: 2 minutes Every human dwelling owes something to the primordial need for shelter that is associated with the stereotype of a caveman — which is usually a synonym for a life with ample room for cultural refinement. But unfortunately, far too many apartments and even so-called villas of our day and age fit the caveman ticket at

Taking their time

Reading Time: 4 minutes Two years ago, in a real estate special report, Executive quoted a source saying that by 2014 there would be an abundance of empty apartments on the market. Today, “there are unsold apartments,” says Massaad Fares, CEO of Prime Consult. Getting more personal, Fares says that “slightly more than half” of his company’s mixed-use Sama

Namir Cortas, president of the Real Estate Developers Association of Lebanon

Tangled in a web of red tape

Reading Time: 4 minutes Executive sits down with Namir Cortas, a founder of Estates Property Development and Investment, as well as president of the recently-formed Real Estate Developers Association of Lebanon (REDAL), to talk taxes, regulation and corruption.   Why was REDAL created? We created an association that aims at pooling the major developers in an effort to better

Raouche rumor mill

Reading Time: 3 minutes This article is part of a continuing Executive investigation into public and private lands along Beirut’s western coast. For more stories in this series, click here. No one knows what — if anything — is coming.  Rumors about the fate of a peninsula next to Beirut’s iconic Pigeon Rocks abound, but little is known for

Lost in suburbia

Reading Time: 3 minutes Beirut’s eastern suburbs entail a broad social and economic mix, ranging from high-density residential areas dominated by aging apartment buildings, to the country’s most affluent areas in terms of average household incomes. In the coastal zone of suburbia stretching north of the capital, new commercial and residential hubs have formed in the past few years

Part of The Boulevard project

Exporting Solidere

Reading Time: 4 minutes Plastic sheets with slick photos and generic names like “The Candy Shop” covering storefronts make Amman’s The Boulevard look less empty than it is. Some five years after initially planned, the $423 million project officially opened to the public on June 14, but of the 22,000 square meters dedicated to shops, cafes and restaurants, only