DEVELOPERS FINISH WORK ON ONGOING PROJECTS AND LAUNCH NEW VENTURES
Property supply posts modest rise
In addition to Antelias, Yessayan Developments has two ongoing projects in the Metn region of Bsalim and another in Beirut’s Achrafieh neighbourhood. Like other developers with whom Ekaruna magazine spoke, Yessayan states that his real estate firm will be launching new projects in the Metn region and Beirut next year.
Dagher states that SD Development is considering undertaking a new residential project in Hamra while completing work on two ongoing projects in Aley’s Bchamoun village and Khaldeh, a coastal town some 12 km south of Beirut. Real estate developer Youssef Dayekh, who has managed to sell 30 percent of the apartments in two residential projects under development in the Mirna al-Chalouhy neighbourhood, states that he is seeking to acquire a new plot of land in Beirut on which to begin construction of a residential building.
Hoping for the best despite the dim economic prospects, the upbeat attitude of the majority of developers was reflected by an increase in the number of construction permits, which is an indicator of future supply in the real estate market.
According to statistics released by the Orders of Engineers in Beirut and Tripoli, the total surface area covered by the construction permits issued in the first eight months of 2014 registered a 10.7 percent year-on-year increase. Construction permits covered an area of 9,482 thousand square metres in the first eight months of 2014, compared to an area of 8,562 thousand square metres in the same period of 2013, representing a 10.9 percent drop in the total surface area of construction permits.
Cement deliveries, another coincident indicator of market activity on the supply side, posted a 5.2 percent increase in the first half of 2014, compared to the same period of 2013, reflecting that some deliveries for projects were still under construction. Beirut’s share of the total surface area covered by new construction permits issued in the first eight months of 2014 stood at 8.3 percent, compared to 4.8 percent in 2013, while Mount Lebanon maintained its lead with a 46.8 percent market share as locals looked for more affordable housing units outside of the capital.