After the striking surge in demand and prices witnessed in the Lebanese real-estate market in 2008, the industry seems to have stabilized in 2009. Lebanese expatriates and Gulf nationals have been less keen to buy high-end apartments, evidenced by a decrease in activity in that market area. But local demand has remained robust, since it has been largely insulated from the global financial crisis and the country’s political instability. With the high level of competition in the market, coupled with the effects of the global downturn in the Gulf, buyers are becoming increasingly careful and conscious of costs and quality, which has kept prices from repeating the rapid accession of 2008. “Buyers used to come and sign their contracts right away. Now they are bringing their lawyers with them, to discuss contracts and the services included,” said Mohamad Saleh, chairman of Noor International. “Buyers are becoming more mature and careful
