Another Scandal Rattles Lebanon's Real Estate Sector

  • Economics
Another Scandal Rattles Lebanon's Real Estate Sector

Weeks after the Sayfco Holding embezzlement scandal made the headlines, another crisis is shaking the real estate sector amid growing reports about the fake promises and the unhonored contracts of Badawi Group.

Many sad stories are being told by young men and women who gave all they have to purchase apartments from said real estate company. Unfortunately, the dreams, plans and money of those people just faded away as they found Badawi Group's projects stalling.

The company failed to turn the megabucks it has been earning, whether as down payments or monthly installments, into tangible projects, thus leaving scores of clients in a total financial distress.

Badawi Group issued a statement stressing unwavering commitment to the pledges it had made to customers, noting that it has always been known for its credibility as all its previous projects had been accomplished without any delay or procrastination.

The company, however, blamed the "deteriorating economic situation" in Lebanon for the delay in completion or execution of its new projects, adding that the real estate sector is being very badly impacted.

The statement assured that all of the company's projects will be re-launched "very soon" according to plans and the timetable agreed upon with customers.

Badawi Group – Construction & Development is a family-owned business that was founded in 1969 by George Badawi. The company specializes in land development, excavation and site construction for residential, commercial and industrial projects. The company inaugurated offices in Montreal, Canada in December 2011.