DE­VEL­OP­ERS FIN­ISH WORK ON ON­GO­ING PROJECTS AND LAUNCH NEW VEN­TURES

Prop­erty sup­ply posts mod­est rise

Ekaruna - - Cover Story -

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.

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