While most industries race to the bottom, real estate is flourishing amid Lebanon’s collapse.
As the Lebanese pound disintegrates, many Lebanese, who still have some significant savings, are turning to buy property as a last resort to save their money’s value.
What’s currently happening in Lebanon’s real estate world is quite interesting. At a time when most people’s debts are compounding and spiraling out of control, property sellers are reportedly paying back their dues of 5 years.
Since the crisis hit the banking sector, depositors have been hunting for a way to release their hard-earned “lollars” from the grip of their banks, as the threat of a haircut looms.
This is especially true for the country’s upper-middle class, most of which is taking refuge in real estate.
By purchasing property mostly through bank checks, they hope to freeze their assets as the inflation tears through savings and more volatile investments.
The result of this was a jump in the real estate sector after years of loss and stagnation.