Attention is focused on the summer season, which is expected to be promising this year after two years of the COVID-19 pandemic, accompanied by a severe local economic downturn. The good news is not limited to the tourism sector; it also extends to various sectors as the overall economic cycle is set to thrive with the arrival of around 1.2 million people, mostly expatriate Lebanese, along with tourists from Europe, Qatar, Kuwait, Jordan, Egypt, and Iraq, as evidenced by airline bookings. What about the real estate market? Will it have a share in this summer movement, especially since property prices are very attractive due to the crisis and present an opportunity for expatriates to purchase homes and land?
Eli Souma, the head of the Association of Builders and Real Estate Traders, confirms to "Al-Markaziya" that "expatriates from Australia, Canada, and the USA are coming to Lebanon to visit their families during the summer and will assist family members who have purchased apartments and are struggling to pay the remaining amount. Consequently, their expatriate relatives are willing to help them overcome their problems. Furthermore, since apartment prices remain affordable, expatriates are eager to own property in Lebanon, particularly in summer resorts such as Aley, Bhamdoun, Baabdat, Souf, and even in Beirut and Keserwan areas."
He expects "thousands of apartments to be sold or that the full price of those in financial distress, which also counts in the thousands, will be settled," pointing out that "those in the sector are hopeful about the visit of expatriates because wherever they are in the world, they find no comfort and joy like Lebanon; they always affirm that Lebanon surpasses all other considerations for them." Souma reveals that "a large number of major investors will visit Lebanon this summer with intentions to invest, especially among expatriates from America, Canada, and Australia. Their presence in Lebanon boosts morale and stimulates the economic wheel. Despite all the ongoing issues, people's trust in Lebanon remains strong."
He notes that "this summer is promising, and we have great hopes for it as the tourism sector and various other sectors are expected to flourish, and the construction sector will also benefit from this revival," wishing that "no negative exceptional developments occur, particularly on the political and security fronts," calling on the government in this context to "ease the challenges and difficulties, in addition to facilitating travel, especially at the airport, which positively reflects on the national economy and the construction sector."
Regarding whether the increase in demand will lead to a rise in property prices, Souma responds: "There will come a day when property prices will rise significantly. Before the crisis, between 18,000 and 20,000 residential apartments were built annually, but now that number has dropped to around ten thousand, sold at reduced prices. It is likely that there will be no apartments available by the end of summer, indicating a return to construction."
He concludes, "The real estate market will improve with the economic recovery, and we expect the government to pay more attention to citizens' situations so that most of the population can live comfortably through legislative and fundamental reforms, particularly concerning the retrieval of bank deposits."
