In this Monday, April 2, 2018 photo, the iconic Martyrs' Monument, that was created by the Italian artist Marino Mazzacurati, stands in front of apartment buildings that are under construction, in downtown Beirut, Lebanon. (AP Photo/Hassan Ammar)
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The drop in real estate demand and the suspension of subsidized housing loans have negatively affected the volume of Lebanon's construction permits, which fell by 14.9 percent in the first three months of this year, according to data provided by the Order of Engineers of Beirut and Tripoli.Definitely there was a drop in construction permits due to the decline in the demand for properties and the suspension of subsidized housing loans by the Housing Bank," Nassib Ghobril, the head of economic research at Byblos Bank, told The Daily Star Monday.He added that developers might obtain a construction permit but prefer to delay construction. The Order of Engineers said the breakdown by region shows that most areas reported contractions in the number of construction permits, with Beirut and Mount Lebanon reporting the highest contractions of 21.8 percent and 18.7 percent respectively in the first three months of 2018 .
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