George Shahwan, the head of the real estate development in Lebanon, poses for a picture. (Photo courtesy of Plus Properties)
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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.
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