“Buyers' Market Season”
For years, we have been advising our potential clients that it is now the "Buyers' market" and it is the best time to buy. The buyer then was able to negotiate and reduce the asking price especially when the buyer used to sit across the table with landlord holding the check book. Nowadays, the conditions are reversed completely.
The landlord is now dictating his price and at each inquiry call the prices are flying higher and higher. For this phenomenon, there are different reasons irrespective of the crazy political situations which have been dragging for more than two years.
Solid Demand:
- The boom which is developing in the Gulf neighboring countries has welcomed quite a good size of our young graduated generation to occupy important posts.
Thus creating a new prosperous and financial class that could afford to return home and purchase a property.
- The Lebanese has experienced a very difficult and tough civil war conditions, that gave him certain immunity against all the severe prevailing conditions and his faith in his country's resurrection is still strong.
In addition to the solid demand, there are many other factors that enhanced the price increase:
- The weak US dollar against the Euro currency, where most (80%) of the building materials are imported from Europe in Euro.21
- The labor cost has increased due to the reduction in the number of Syrian labor force.
- Strangely enough, the reputed developers in Beirut and suburbs are now selling their apartments whilst they are still on the skeleton stage – and with each sale they are increasing and imposing their new tag price.
We, as intermediaries with more than 13000 listings on our website, we admit that we are facing a serious challenge in coping with the price increase changes. At each inquiry from our buyer client for the listed price, we find out that the landlord is asking for higher price.
This new wave of developing projects wherever you look around in Great Beirut, Keserwan, Metn, South, etc… is amazing. Our clients abroad can not understand this trend and sometimes and first glance may think that this contradictory is of our creation but soon will realize in which state of crazy world we are coexisting in this part of the world.
In spite of the troubled political situation, the construction boom is continuing to persist and the prices still climbing.
Hoping and praying that by this New Year our Lebanese politicians and people will realize that by so doing we will be digging for our grave – and only thru true democratic system, we could survive, live in peace, prosperity and joy in this most beautiful peace of paradise on earth.
