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Mr. Beaini for CNBC Arabia: Lebanese Property for a Drop in Demand but Stability in Prices

Mr. Mazen Beaini, Chairman and CEO of RED House Group, participated in a discussion about the state of the real estates’ market condition in the Middle East live from Dubai on CNBC Arabia on Monday September 1st.

Mr, Mazen Beaini CNBC ArabiaThe program “AL Khaima” was hosted by Miss Ola Ghawi and attended in addition to Mr. Beaini by Mr. Ziad Makhzoumi, Arabtec CFO, and Mr. Ahmad Al Bao, a real estates’ expert and analyst.  

Mr. Beaini stated that the growth of the real estate development sector in Lebanon in the last two years despite the financial crisis that hit the region gives a definite evidenced of the resistance of the Lebanese Market. 

Mr. Beaini declared that due to many factors known to all as the Central Bank’s financial and lending policies, the monetary stability, the large number of Lebanese expatriates, the demand for second homes from Arab nationals, the growth of the tourism sector and many others, the Lebanese real estates’ market shall maintain its favourable condition. However, Mr. Beaini stated that the current drop of demand is the direct consequence of the present political quarrel; it shall hold sales but the prices wouldn’t fall over. 

Commenting on the high-flying prices in Lebanon, RED House Chairman noted that the high-end and luxury real estate market consist less than 10% of the total market volume. The prices of these very scarce luxurious commodities are subject to increase taking into consideration that the Lebanese waterfront along the coast is few kilometres long. He added that, “the prices for low to medium income consumers are still reasonable and you can still find apartments for less than $100,000 in some areas.” 

On the challenges facing the Lebanese Real Estate market, Beaini hoped for continued political stability and security in the country, along with aggressive plans by banks to introduce new mechanisms and facilities (such as Lease-to-Own), to encourage developers and consumers to invest more in property.

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