With the deterioration of Lebanon‘s economic conditions, many Lebanese turned to real estate and as a way to safeguard their bank-frozen funds.
It is no surprise, then, that the total value of real estate transactions went up by 63% in 2020, even as most other sectors, including Lebanon‘s valued tourism sector, suffered massive losses.
However, the economic crisis is far from over, and its arms continue to extend and affect various industries and domains in Lebanon.
As a result of the crisis and the need for U.S. dollars to import construction materials, construction has gone down significantly, Elie Souma, President of the Building Contractors and Traders Association, has told Al-Markazia.
“We will notice the prices rising madly and almost tenfold, so it is better for those who want to buy an apartment to do so right now because they have become scarce before the price increase,” he said.
Stressing that prosperity is dependant on the policies that will be adopted, Souma said that the Association was “working on resolving the issue of housing loans with the General Housing Company and the Independent Housing Fund, to find a way out and return the construction movement to the square and revive it.”
According to Souma, work is also underway in coordination with Lebanese expatriates to find potential ways to support Lebanon and its housing loans and to maintain the continuity of the sector.