Construction site in Beirut, Friday, Aug. 19, 2016. (The Daily Star/Mohammad Azakir)
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Demand for houses in Lebanon declined by 8.3 percent in the second quarter of 2016, a study showed Tuesday.The report noted that this trend has been going on for some time.Commenting on the results, Nassib Ghobril, chief economist and head of the Economic Research and Analysis Department at the Byblos Bank Group, said, "The results of the second quarter of 2016 confirm the trend of very low demand for residential real estate in Lebanon, as the same factors that caused the original decline in demand persisted, with no signs of a reversal in the near term".He attributed the drop in demand to the political conditions and slow economic growth in the country.
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