BEIRUT

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Beirut’s real estate a sure bet for the mega rich

A general view of Beirut, Monday, Oct. 15, 2012. (The Daily Star/Mahmoud Kheir)

BEIRUT: Despite complaints across the board that rent in Beirut and the cost of buying a property are pushing out locals due to high, sometimes extortionate prices, a new report from will bring a smile to the face of the Lebanese real estate sector.

According to CNN, the report by Savills World Research, Candy & Candy and Deutsche Asset & Wealth Management highlights Beirut as an up and coming city that should give wealthy real estate investors some of the best returns over the next few years.

While there has of course been spillover from the ongoing conflict in Syria, Beirut is still known for its culture, nightlife and young population, the CNN report continued, quoting Yolande Barnes, director at Savills World Research.

"Real estate in the city still looks very cheap by international standards," said Barnes.

Prices for two-bedroom apartments tend to range from $180,000 to $500,000, depending on the location.

These prices, along with Beirut being known as a regional financial hub, are what make it so attractive to investors.

The second on the list was Cape Town in South Africa followed by Chennaie in India, Chicago in the U.S., Dublin in Ireland, Istanbul in Turkey, Jakarta in Indonesia, Lagos in Nigeria, Melbourne in Australia, Miami in the U.S., Panama City in Panama, and Tel Aviv.

 

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Summary

Despite complaints across the board that rent in Beirut and the cost of buying a property are pushing out locals due to high, sometimes extortionate prices, a new report from will bring a smile to the face of the Lebanese real estate sector.

According to CNN, the report by Savills World Research, Candy & Candy and Deutsche Asset & Wealth Management highlights Beirut as an up and coming city that should give wealthy real estate investors some of the best returns over the next few years.


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