DE­VEL­OP­ERS STRUG­GLE TO FIND BUY­ERS AMONG RES­I­DENTS

Le­banese ex­pa­tri­ates ac­count for the bulk of de­mand

Ekaruna - - Cover Story -

As a re­sult of the de­te­ri­o­rat­ing sit­u­a­tion, Dagher ex­plains that many Le­banese res­i­dents have post­poned their plans to ac­quire new homes, pend­ing an im­prove­ment in the coun­try’s eco­nomic out­look. He states that his firm has strug­gled to find lo­cal buy­ers for residential projects and has sold, for ex­am­ple, only 27 of 54 apart­ments in a residential com­plex on which con­struc­tion be­gan three years ago in Be­shara al-Khoury.

Le­banese ex­pa­tri­ates, how­ever, have made up for much of the weak de­mand by res­i­dents, Dagher ex­plains. He notes that close to 75 per­cent of the deals that his com­pany closed in 2014 in­volved ex­pa­tri­ates liv­ing in the Gulf coun­tries. Thanks to Le­banese ex­pa­tri­ates, SD De­vel­op­ment has al­most com­pletely sold a residential tower on which con­struc­tion be­gan two years ago in Hamra, which ac­cord­ing to Dagher, re­mains an at­trac­tive des­ti­na­tion due to its prime lo­ca­tion and its prox­im­ity to hos­pi­tals, univer­si­ties and schools. Only two out of 27 apart­ments with a sur­face area of 155 square me­tres re­main up for sale, Dagher says.

Like­wise, Yes­sayan states that his com­pany has man­aged to sell over half of its apart­ments in more than four projects un­der de­vel­op­ment in Beirut and its out­skirts. Twenty-six out of 32 apart­ments in a residential com­plex be­ing con­structed in An­telias re­gion have been sold while the pro­ject is still in the ex­ca­va­tion phase, Yes­sayan adds, not­ing that Le­banese do­ing busi­ness abroad rep­re­sented the ma­jor­ity of his clients.

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