George Shahwan, the head of the real estate development in Lebanon, poses for a picture. (Photo courtesy of Plus Properties)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Despite the recession witnessed by the real estate sector in the year 2013, Georges Chehwan, chairman of Plus Properties, is optimistic about the future following the Cabinet formation.According to statistics provided by Plus Properties, the highest demand on real estate in Lebanon in 2013 was from Lebanese residents (60 percent), followed by Lebanese expatriates (36 percent), Arabs (3 percent), Europeans (1 percent) and Syrians (1 percent).Chehwan believes the Lebanese real estate sector's strength lies in the fact it is based on real demand from residents as opposed to speculators. For instance, demand for real estate in Beirut dropped by 12 percent in October 2013 compared to October 2007 due to the increase in prices in Beirut, according to statistics gathered by Plus Properties.However, Chehwan noted that some developers had been forced to lower prices on larger apartments as the market demand changed from boom years.In addition to being chairman at Plus Properties, Chehwan is also a member of the Real Estate Developers Association of Lebanon.
Lebanon targets 12 pct renewable energy by 2020
Gas exploration bids to open on five blocks
New Year’s hotel bookings up 20 pct
FOLLOW THIS ARTICLE