Close Menu
    Facebook X (Twitter) Instagram
    Wednesday, July 9, 2025
    961
    Instagram Facebook LinkedIn TikTok
    • Breaking News
    • Guides
    • Food & Drink
    • Listicles
    • Join the Team
    • Whatsapp
      • 961
      • 961 News
    Advertise with Us Get the App
    961
    Home»News»Lebanon News
    2 Mins Read

    Lebanese People Are Rushing To Buy Luxury To Protect Their Wealth

    By Omar JamalFebruary 3, 2020Updated:June 8, 2020
    Facebook WhatsApp Copy Link

    With businesses closing and people having less access to their money, it’s absurd to think that people would be rushing to buy luxury items and investing in real estate.

    However, interestingly enough, many Lebanese people with substantial savings are investing in luxury items such as gold, real estate, and luxury cars because they believe that they will lose their money through devaluation or a ‘haircut.’

    They are paying for these luxury items using cashier’s checks. The idea behind this is that if they invest their money in valuable items before it loses its value, they can then avoid losing their savings during the current bank crisis.

    Even though there are capital control measures taking place by the banks in Lebanon, people with large sums of money are able to write checks in order to purchase luxury items.

    View this post on Instagram

    A post shared by FASHION | JEWELRY | LIFESTYLE (@adluxuryfashion)

    One car dealer said to Naharnet that even though car sales have generally decreased, customers are fetching over $400,000 to purchase Lamborghinis and Bentleys.

    Companies are encouraging Lebanese through social media and billboards to invest in overseas properties to diversify their assets.

    As one real estate company posted on Facebook, “Secure your savings with a property investment in Greece that you can pay for in Lebanon.”

    According to Karl Kanaan, a Beirut-based real estate broker, the sales of real estate have tripled since November. The demand for real estate had increased.

    Although at first glance it might seem counterintuitive to be needlessly spending money on luxury at a time of crisis, it makes sense when you consider the fact that at a time where people’s savings have been losing their value, having other assets could offset your losses in this crisis.

    These luxury items will increase their relative value to a faltering currency, which keeps people from losing their savings. This means they can later sell or rent them for a higher price when they’re in need of money.

    Share. Facebook Twitter LinkedIn WhatsApp Reddit Email

    For You

    uae travel ban lebanon 961

    UAE Is Officially Removing The Travel Ban On Lebanon

    Joe Issa El-Khoury 961

    Who is Joe Issa El-Khoury, Lebanon’s New Minister of Industry

    Adel Nassar 961

    Who is Adel Nassar, Lebanon’s New Minister of Justice

    Nizar Hani 961

    Who is Nizar Hani, Lebanon’s New Minister of Agriculture

    Charles Hajj 961

    Who Is Charles Hajj, Lebanon’s New Minister of Telecommunications

    Nora Bayrakdarian 961

    Who is Nora Bayrakdarian, Lebanon’s New Minister of Youth and Sports

    lebanon jounieh cyprus by ferry 961

    You’ll Soon Be Able To Travel Between Lebanon & Cyprus By Ferry

    20 Celebrities You Probably Didn’t Know Had Lebanese Roots

    April 22, 2019
    caracalla one thousand and one nights

    Caracalla Just Added More Dates For “One Thousand and One Nights” & You Def Don’t Want To Miss It!

    July 5, 2025

    Lebanon’s Shawarma Is Going Viral in The Philippines

    April 21, 2019
    Low-Cost Lebanese Airline 961

    We Might Finally Be Getting A Low-Cost Lebanese Airline – Here’s What We Know

    June 18, 2025
    Lebanese boutiques

    25 Boutiques In Lebanon To Find Your Dream Evening Dress This Wedding Season

    June 9, 2024

    20 Typical Lebanese Slang Expressions

    April 21, 2020
    lebanese beer brands almaza beirut beer 961

    Lebanese Beer Brands Are Publicly Throwing Shade, And It’s Getting Frothy

    June 7, 2025
    lebanon cybergames 2025 hacking 961

    Lebanon Just Won A Global Hacking Competition

    June 10, 2025
    DJ

    10 Lebanese DJs You Need To Check Out This Summer

    August 7, 2024
    961 Logo
    Facebook WhatsApp TikTok Instagram

    Popular Topics

    • Guides
    • Eat & Drink
    • Listicles
    • Lebanon News
    • Diaspora
    • Explained

    961

    • About
    • WhatsApp Channel
    • News WhatsApp Channel
    • Corrections Policy
    • Ownership & Funding

    Services

    • Advertise
    • Careers
    • App Waitlist
    • Contact Us
    • Newsletter
    961™ | All Rights Reserved ©2025
    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Okay