Paying in $ for an apartment still under construction

Murder he wrote

Well-Known Member
$200 in fresh money = $200 x 7,500 L.L. = 1,500,000 L.L.
$200 in your local account = $200 x 3,900 L.L. = 780,000 L.L.

Doesn't it make more sent to use your fresh dollars? You can boost your purchasing power and still be able to save some of your money.
Not really because you cannot get your money from the banks and you never know if you will ever get them. However, every 2 months or so, I am buying a $2000 cheque for $760 in cash.

- $760 x 7500 = 5.7m
- $2000 x 3,900 = 7.8m

So saving your cash, getting cheques, withdrawing them at 3900 is much better. I don't see why you should spend your $ in your hands while keep your money at the bank, knowing that maybe in 3-5 years you might be able to get them again WITH Capital control (like $2000/month). Or whatever.
 

Santos82

New Member
Hello,

In mid-2018 I bought an apartment. The owner (his first project ever) told me in 1.8 months he will finish it. 2 years has passed and he is still working on it. The work is quite slow due to the shortage of $ and the crazy rates of $.

However, I paid him $40,000 at the beginning as a first payment and we agreed every month I give him $500. Lately, it started to be really difficult to buy $, I mean $500 is equal to almost 2,000,000 LBP with 1 day waiting in front of Serraf. That's my salary.

I asked him and he said he only accepts $. What can I do? I read the contract and it says I have to pay in USD, but never mentioned the type of payment (Cash, check, etc..). So can I pay him $500 by check every month? it will be almost $200 if he wants to cash it. It won't be fair to him. But forcing me to pay in $ it won't be fair as well. My apartment should cost 150,000,000 LBP, not 400,000,000 LBP.

Please advise me. It's my first apartment and I wish I never bought it. I just want to finish the payment and sell it and leave this country (I asked him to sell it, but he wants crazy rate and nobody basically wants to buy anything from him. He is living in lalalalalalalland).

Thanks!

What happened to your case?
Have you and the owner reach an agreement?
I have the same case... half cash half check.
I wish there was subsidies for Lebanese housing payment, at least to have fresh dollars art lower rate (not necessarily @1500 but for sure not @8400!!). We will stay ages paying our houses. That is very unfortunate!!! I wish the Lebanese authorities would feel with us.


Sent from my iPhone using Orange Room
 

Murder he wrote

Well-Known Member
Hello,

I left the apartment and got my money back in half $ and half cheque. Deposited it in the bank and withdrawing it at 3900.

In the current situation it's a bad idea to buy an apartment unless you have CASH USD. If you do, then you can negotiate easily.
 

Rafidi

Legendary Member
I have a question.

I see ads of real estate companies stating that they exchange a dollar at 3900.

Does this imply that if a flat is 100,000 USD, they will accept 390 million Lira in Lira?
 

Mrsrx

Not an expert!
Staff member
I have a question.

I see ads of real estate companies stating that they exchange a dollar at 3900.

Does this imply that if a flat is 100,000 USD, they will accept 390 million Lira in Lira?
100 000 * 8500 (wtv black market rate)/3900= 218000 leb dollars.
They have an appt at 200 000$ its in leb usds so you can buy it.

Thats what i understand but i am not so sure.
 

Manifesto

Legendary Member
Orange Room Supporter
100 000 * 8500 (wtv black market rate)/3900= 218000 leb dollars.
They have an appt at 200 000$ its in leb usds so you can buy it.

Thats what i understand but i am not so sure.

Why are you multiplying it by 8,500?
100,000$ at the 3,900 rate simply means 39M Lira.

Otherwise, they would have specified $100,000 in cash or $218,000 in check.
 

Mrsrx

Not an expert!
Staff member
Why are you multiplying it by 8,500?
100,000$ at the 3,900 rate simply means 39M Lira.

Otherwise, they would have specified $100,000 in cash or $218,000 in check.
I assumed he is talking about ads like Sakr who says at 2000lbp and they are saying the same for 3900.
If it is what you are saying it is a very bad deal.
 
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