Lebanese property market booming, says damac

Lebanon is currently one of the best performing property markets in the Middle East region with real estate prices in capital Beirut up 25 per cent over the last five years, said a top official of Damac Properties.

“The growth in Lebanon’s property market is being driven by end users, but the smaller and mid-range apartment sectors are still undersupplied,' stated Ziad El Chaar, managing director Damac Properties.

'Demand is coming from wealthy young Lebanese leaving the family home, as well as a growing number of Lebanese expatriates returning home,' he explained.

'There are strong economic fundamentals underpinning growth in the property sector, which means this growth cycle has longer to run and is sustainable growth,” said El Chaar, citing experts.

Source:  TradeArabia News Service