In response to false rumors surrounding their sales, real estate giant Solidere, stated the exact numbers in their books for the public eye.
The company reported selling more than $112 million worth of property in the first two months of 2020. To be exact, it was $112,798,400 as of February 28th, 2020.
That’s just short of half of the entire sales made last year. In 2019, Solidere’s land sales reached a total of $250,122,600.-
According to The Daily Star’s interview with a broker, many people opted to remove money from the banks and buy properties as investments.
The broker told The Daily Star that there has been a “significant demand for Solidere shares” since the Lebanese Revolution. “I am not sure if this trend will continue amid the spread of coronavirus in Lebanon,” he added.
In addition, according to the broker, banks did not allow their customers to transfer their money abroad but permitted them to buy real estate in Lebanon.
Investing in Lebanon was an alternative choice that many Lebanese decided to opt for instead of leaving their money in the banks with the country’s financial crisis exploding.