Since Lebanon’s economy began to go into a nosedive in 2019, Solidere‘s stocks have been on a steady rise that has exceeded 300%.
The economic crisis and its freezing effect on bank deposits have caused many people to seek refuge in real estate as a way to unchain their bank accounts and make use of their locked deposits.
This attraction to real estate gave the shares of Lebanese property company Solidere a boost that it had not seen in over a decade.
After having garnered a net profit of $49 million in 2019, Solidere A and Solidere B shares soared to around $15 in July 2020, a figure the company had not recorded for years.
These shares continued to climb over the following months, hitting $16.4 (A) and $16.5 (B) by the end of the year.
Around 3 months later, today, Solidere‘s stocks have soared even higher. As of the time of writing, Solidere A sits at $25 while Solidere B is at $24.30, according to Beirut Stock Exchange.
The joint-stock company, which was established in the ’90s with the aim of planning and redeveloping post-civil-war Beirut’s central district, has seen a significant increase in land sales over the past year and a half.
The real estate demand in Lebanon has been attributed to the lack of investments alternatives amid the crises infesting the country.
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