Undervalued real estate According to a Bank Audi real estate report published in July, property prices in Lebanon posted a moderate decline of 10 to 15 percent since the global recession hit the region. In the first five months of this year, sales transactions posted a mild drop of 6.7 percent year-on-year. In the same period, construction permits rose 4.3 percent. The report says the resilience of the Lebanese real estate market compared to the region goes back to the strong demand drivers and ‘stringent’ regulations related to lending in the banking sector — both eliminated the possibility of a real estate bubble. The report says despite the high prices of residential properties, especially in Beirut, the market remains undervalued on the regional and global levels. Beirut’s residential market is still cheaper than its MENA counterparts. The price of a 120 square meter high-end apartment is, on average, $2,229 per
