Lebanon is again on the radar of potential investors following a report carried by CNN Money that ranked Beirut among the best real estate investment destinations in the world on its list of “Up and Coming Cities For the Rich” prepared by Savills World Research, Candy & Candy and Deutsche Asset & Wealth Management.
The CNN report said, “Despite its violent history, Beirut stands out as being an ideal place for adventurous investors, according to a new report from Savills World Research, Candy & Candy and Deutsche Asset & Wealth Management.
“Yes, there has been some recent spillover from the ongoing Syrian conflict. But the Mediterranean coastal city is known for its culture and nightlife, which attracts a young population,” CNN Money quoted Savills World Research director Yolande Barnes as saying.
“Real estate in the city still looks very cheap by international standards,” Barnes told CNN.
According to CNN, prices for two-bedroom apartments in Beirut ranged from $180,000 to $500,000, depending on the location.
The president of Beirut Traders Association saw a glimmer of hope in this report. “Once again, the investors have put Lebanon on the radar screen. But I would have preferred to see a comprehensive report that covers all aspects of life in Lebanon,” Nicolas Chammas said.
Chammas said it would have been better if the report had also addressed the business climate, cost of living and quality of life, human resources and universities.
He added attention should have been paid to the productive sectors such as industry and agriculture.