Yaara and Tarek Kessouf are blissful newlyweds, full of excitement over their young marriage and the home they could afford to buy in the capital last year. They moved into their new 120 square meter (sqm) flat in the trendy Mar Mkhayel neighborhood in Achrafieh as soon as they got married last summer. The young couple initially considered renting but soon realized that buying was the better option for them, taking advantage of one of the 96,000 home loans subsidized in 2013 by Banque du Liban (BDL). While it represented a welcome benefit that Tarek qualified for a subsidized loan available to buyers of a primary residence, it was not, however, a decisive factor in their decision to buy. The couple were determined and would have made the purchase even without the subsidies, they tell Executive, mainly because they found an apartment of convenient size, at a reasonable price, in
good article, however it seems to suggest that a successful real estate market is the one where demand is always high and prices are going up, as opposed to one that provides fairly affordable and decent housing to people. Stimulus packages to help people buy houses are used elsewhere in the world and can help, but in the long term, if unaccompanied by an increase in supply might increase prices lower housing affordability quite considerably and I think that it’s a risk Beirut and its suburbs is much subject to if we look at historical trends. So, consider that the security situation recovers, the market picks up, people start buying again and a lot of money is available . Will supply keep up? or will prices skyrocket again?..leading to a housing affordability crisis. I think that its also a policy issue worth considering.
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good article, however it seems to suggest that a successful real estate market is the one where demand is always high and prices are going up, as opposed to one that provides fairly affordable and decent housing to people. Stimulus packages to help people buy houses are used elsewhere in the world and can help, but in the long term, if unaccompanied by an increase in supply might increase prices lower housing affordability quite considerably and I think that it’s a risk Beirut and its suburbs is much subject to if we look at historical trends. So, consider that the security situation recovers, the market picks up, people start buying again and a lot of money is available . Will supply keep up? or will prices skyrocket again?..leading to a housing affordability crisis. I think that its also a policy issue worth considering.
Comments are closed.