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Beirut set for property boom

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09/03/2015
Beirut could be the next big global property hotspot, according to an international property agency.

The Lebanese capital has long struggled with a poor reputation and was the scene of a deadly civil war in the 1980s.

Yet this could be the unlikeliest of locations for a property boom.

In the past two decades the city has transformed itself and now boasts glitzy skyscrapers, home to many international brands.

Yolande Barnes, head of international research at Savills, told the Telegraph the city was becoming a focal point for trade in the region.

“Beirut is becoming a centre of alternative trade in the Middle East and enjoying a new position in the region,” she said.

The coastal city is now aiming to attract foreign workers and has invested in additional security in central areas.

“It’s a rising star on the world stage and although it is not widely or heavily invested in yet it has the potential to be,” Barnes added.

“In the upmarket quarter a two-bedroom apartment can cost around $500,000 (£331,774).”

However with the nearby conflict in Syria and general uncertainty across the Middle East continuing, investors should take care before investing in the city.

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