It’s no surprise that real estate developers in Lebanon face tough times. First came the increase in taxes and fees in October last year that diminished residents’ purchasing power and appetite for major purchases. Then came the Central Bank’s abrupt decision to suspend facilities extended to banks that allowed them to offer very low interest mortgages to low-income and first-time homebuyers.
The market for large luxury residential units had been stagnant since 2011, but what came to an almost full stop this year was demand for affordable small residential units for young families and first-time homebuyers who relied on Banque du Liban-subsidized home loans.
Read the full article at The Daily Star: https://bit.ly/2MmKz1z