Lebanon Real Estate Newsletter Vol. 3, Issue 1 - January, 2007

            Construction is spreading in all directions along the small and limited Lebanese territory with no vision, supervision nor boundaries. The chaotic expansion of housing and construction should be contained before it’s too late!

Reference to my previous article “Lebanese real estate market still growing despite all” in the previous newsletter issue, we have highlighted the nature of the real estate market in Lebanon, and how the growing population in contrast to diminishing land supply is maintaining a boom in the market. Nevertheless for how long will this boom hold and at what expense?

                                                                                                                                                                                                           The Lebanese capital.

In Beirut central district occupancy rate for retail and commercial space reached 98%, giving little leeway for business to grow without further construction to ease demand. Add to this is the overheated demand for residential properties in the inner part of the city, where there is almost no supply.

As a result less developed neighborhoods such as Abadieh, Adma, Aley, Awkar, Hazmieh-Baabda, Beit Mery and Rabieh are witnessing fast development as construction spread to cope with growing demand. Unfortunately it is going random without organization or future planning, which gives way to illegal violations and lawful disputes between neighbors.

Therefore and in the absence of a serious governmental role, construction is expanding viciously in all directions with no real supervision, and with shy consideration for nature and/or heritage.

Our mountains are plastered with blocks of housing and construction tearing its heavenly picture to glances of what it used to be. Moreover ancient ruins in BCD and elsewhere are attacked by modern projects in need of space.

And last but not the least what is left of trees and green spots in greater Beirut are being uprooted and substituted by more buildings and parking spaces.

The result as you would have imagined: less clean air to breath, fewer open spaces and public gardens, defaced sceneries, lower sanitation rates with poor sewage treatment, inferior infrastructure... and the list goes on.

Isn’t this the time to ring the bell? Aren’t those dark indicators enough for the concerned authorities to initiate action and contain the current situation before it gets any worse?!

                                                                                                                                                                                                             The Lebanese capital.

Now don’t get me wrong, we have nothing against construction. But we assert organized and green development. Building may be for satisfying a demand need now, but what about the future?

A planning ministry is needed to plan and manage any reconstruction and/or development process. Because every step undertaken is another’s opportunity forgone.

Meanwhile there should be a real collaboration between concerned authorities and civil society regarding the environment and health issues.

If you really love Lebanon don’t deface it!

Finally our children should not live in a desert of cement and are entitled to love Lebanon the way we do.

Raed Zouheiry

Hayek Group s.a.r.l

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