Lebanon has traditionally been associated with the riots and acts of war, but not with investments in real estate. Meanwhile, the real estate market in Beirut, the capital of the country, it is quite viable, and furthermore, according to forecasts, over the next three years, its growth will be 15%.
According to Fuad Fleyfela (Fuad Fleifel), head of the Ministry of Economy of Lebanon, the real estate market of the country could overcome the negative effects of the global economic crisis. This statement was made during the International Fair of Real Estate in Beirut.
The event was attended by thousands of visitors from South Asia, Northern Europe and Gulf countries. Particular attention was paid to the expected growth in the real estate market in Lebanon. Addressed issues as the possible introduction of property tax and development of better mortgage programs, reports Property Wire.
During the discussion of real estate agents have raised urgent topic: how likely the market growth in the face of shrinking domestic incomes and low activity of the foreign buyers. In response to this Fleyfel said the country`s central bank will take a lead role in the implementation of mortgage programs.
Realtors also expressed concern about the possible speculation in real estate. In the Middle East, especially in Dubai, this sector suffers from the actions of speculators seeking quick profits and buying up property in the early stages of construction.