the Middle East and is ranked as one of the freest economy regionally and internationally, with the government maintaining a non-interventionist stance toward private investments. Te liberal economic activity and the absence of legal restrictions on the entry or exit of firms encourage free market competition and private sector development, fuelling the economic openness and attractiveness of the country. Foreign direct investments, backed by liberal trade and investment policies, have in fact accounted for a considerable share of Lebanon’s GDP.
Real Estate In order to rectify the damage made to the country’s buildings and
infrastructure by the civil war and the Israel - Lebanon conflict of 2006, Lebanon is undergoing a continuous re-development programme in the real estate sector. Solidere, a government-empowered private development corporation, has been made responsible for the reconstruction of Beirut City Centre and provides a broad range of land and real estate development activities and services, saying that the “reconstruction constitutes one of the most ambitious contemporary urban developments.” While respecting Beirut’s rich past, the reconstruction and development of its city centre is creating a modern district, spreading over 191 hectares (472 acres) of land. “Tis ambitious city-making venture, both in post-war reconstruction,
inner city regeneration and waterfront development, has received international acclaim as a model of sustainable urban development,” said the company. Solidere’s projects encompass a broad range of real estate developments including the UN House, the embassy complex home to several international embassies, office and apartment buildings across the city and the Beirut Waterfront Development, Zaitunay Bay.
Under master developer Solidere, MAF Holding investment SAL, a global development company, is currently constructing Beb Beirut, a new landmark living space situated adjacent to Beirut’s famous Martyr’s Square. Te project comprises a 14-story high-rise tower, designed by American architecture firm Arquitectonica Miami in a built-up area of 30,000 square meters, featuring 64 luxury apartments. Last month, Plus Properties, a leading real estate firm in Lebanon and
the region, has launched its new sales centre in downtown Beirut close to Martyr’s square where the company has its flagship property Plus Towers. Constructed under master developer Solidere, Plus Towers is scheduled to be delivered to the market in 2013. “Te project offers the highest contemporary standards for residential and commercial spaces, making it a distinctive address of a unique contemporary living experience,” according to Plus Properties. At the same time, the increasing demand for property by Lebanese nationals, Gulf nationals as well as expatriates has caused a shift in the market, Georges Chehwane, Chairman of Plus Properties, explained. “Te market has been experiencing a shift to outside Beirut and to smaller flats, the most in demand being those with a total size below 250 square meters per apartment,” he said. As far as the future of the Lebanese real estate market is concerned,
Chehwane is optimistic. “I have confidence in the Lebanese market and the real estate stakeholders. In fact, developers are very keen on choosing the right offering that meets market supply, by this we refer to the right location and the right areas. Bankers, on another hand, are also selective by supporting developers that show good credentials, know-how and experience,” he said l
MAY 2012 I CITYSCAPE I 19
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64