BEIRUT: Two Lebanese nongovernmental associations launched a program Friday aimed at providing affordable housing to young Lebanese.
The Association for the Support of Lebanese Youths, in cooperation with CR Group, held a news conference at the Press Club to explain the program.
Reem Harb, the media official for the association, said the proposal would see the construction of housing units in different rural areas to both reduce the cost of housing and alleviate congestion in cities.
“Each residential complex will consist of 500 housing units. This project will attract traders and investors who will open shops and offices in these complexes,” Harb said.
According to the proposal, the size of the apartments would range from 80 square meters at a price of only $40,000, 100 meters for $65,000, 120 meters for $85,000 and finally 140 meters for $110,000.
Each of the proposed complexes would have markets, public parks and playgrounds on site, organizers said.
The organizers of the event called on the government and the private sector to embrace the project.
All of the units would be sold to youths at cost price only and without any profit for developers.
The organizers intend to visit investors and bankers to seek financing for the project.
The move comes as the price of real estate skyrockets in Lebanon, leaving many young Lebanese unable to buy apartments, even outside the capital.