Beirut property market projected to rise over next three years
- Lebanon: Sunday, November 21 - 2010 at 10:46
The Lebanese economy ministry has said that the country's real estate market is expected to grow by up to 15% in the next three years, the Daily Star has reported. "Lebanon has gone against the current of the international financial crisis in the real estate sector," director general of the economy ministry Fuad Fleifel said at the Beirut International Property Fair. "Its [real estate] value has risen by 9% during the first eight months of 2009, with expectations that it will rise between 10% and 15% until the year 2013." In the first quarter of 2010, Lebanon's real-estate transactions spiked by 41% over the same period of 2009, totalling just over $2bn, according to the Directorate of Real Estate. The market benefited from strong economic growth as well as remittances from expatriates, it said.
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