Wednesday, August 9, 2017

Has the real estate bubble burst in Lebanon?

Well, that is interesting - there are currently two ads on the road to indicate that apartment prices are being "smashed". Maybe smashed as the ads say (one says "liquidating") is a bit too much (considering the prices) but it is interesting - this is not some "deal on the last apartment available" kind of thing, this is really prices going down. Not only that, the amount for signs that say "for rent" or "for sale" on the road is frightening - whole centers seem empty and most of them are newly constructed. Certain upscale areas are a bit ghost-town-ish with apartments or whole buildings even remaining unsold and windows gathering dust. Dan Azzi whom I have as a connection on Linkedin predicted this a long time back, and Executive Magazine wrote an interesting article about the issue, so I guess there must fire under the smoke!