A general view shows Fouad Shehab highway, Tabaris and Ashrafieh, Friday, March 18, 2016. (The Daily Star/Hasan Shaaban)
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The election of a Lebanese president after a 2-1/2-year deadlock will definitely have a positive impact on consumer confidence, but demand in the real estate sector needs time to pick up, developers and brokers said.A report issued by Byblos Bank two days ago showed the Byblos Bank Real Estate Demand Index registered a decline by 9.8 percent in the third quarter of 2016 compared to the same period in 2015 .Mansour added that another factor behind the lack of demand for real estate was the increase in the unemployment rate in Lebanon over the past few years.Mansour noted that demand for real estate would pick up when concrete changes took place in Lebanon, such as the end of the Syria war, a drop in unemployment rates, and an increase in tourists, especially from the Gulf.Chehwan said the election of a president would certainly have a positive impact by giving people optimism, but the demand for real estate would not change overnight.Nadim Kazma, a broker and owner of Real Establishment, said more time was needed to assess the change in demand on real estate following the election of a president.
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