Real-estate troubles

oldschool

oldschool

Active Member
The biggest problem is what you just illustrated. How in the world can I buy an apartment not a house a 3 bedroom apartment for 400K in the city? How can I simply afford to do it aslan? If one earns 20K a year how can one do it?
He needs 20 years if he puts all this figure away without the interest to pay off the loan. Something is really wrong with the country.
Houne in Australia mazbout house prices are really high(highest in the world) BUT you earn approx 60K. So if an apartment is 500K and you earn 60K in less than 10 years (if we use the same sums above) you will earn that house. So in Lebanon a country who has no electricity, no water, no infrastructure, cars more than humans it takes people twice as long to pay off their house!
The issue again is the land and construction costs, not the profits.

Anyway, what we also have to realize is that owning an apartment inside Beirut isnt a right. So Beirut is very expensive, get an apartment elsewhere. Not every American, hell not every New Yorker lives in Manhattan. They kill themselves to live in a shoebox.

Theres always cities that are expensive and others that are cheaper. Lebnen kello add el atche and people dont wanna move one block. Thats how other cities get developped.
 
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  • !Aoune32

    !Aoune32

    Well-Known Member
    The issue again is the land and construction costs, not the profits.

    Anyway, what we also have to realize is that owning an apartment inside Beirut isnt a right. So Beirut is very expensive, get an apartment elsewhere. Not every American, hell not every New Yorker lives in Manhattan. They kill themselves to live in a shoebox.

    Theres always cities that are expensive and others that are cheaper. Lebnen kello add el atche and people dont wanna move one block. Thats how other cities get developped.
    I understand that. What I am stating is that the price of apartments in the WHOLE of Lebanon is too much for the average joe. You want me to go and live in 3ersel ya3ne la2ano I can't afford something masalan in Batroun? Jounieh? Beirut? etc.
     
    AtheistForYeezus

    AtheistForYeezus

    Legendary Member
    Orange Room Supporter
    You won't even find a 3 bedroom in the city for 400k.
    Unless one is filthy rich why should he be seeking a house in the city centre in the first place? The citycentre is understandably expensive.

    You'll find plenty of apartments in the suburbs within the 200-300 k range.
     
    J

    joseph_lubnan

    Legendary Member
    No one is badmouthing real estate people because they're making money. I've got nothing against investing in real estate.

    But when the price of a regular apartment in Lebanon is higher than equivalent homes in some major Western cities, while people make less than half the salary, there is a serious problem.

    It's even worse when a good chunk of the new apartments built are not regular apartments for regular Lebanese, but luxury units destined for foreign or expat speculators who don't even live in them. This, in a country so small that the available real estate space is rare, to begin with.

    Finally, many of the buildings do not follow proper urbanism and environmental criteria.

    There's honest money, and there's raping the country and its people with a "après moi, le déluge" attitude.
    If you live in Lebanon, I guess you have to buy in Lebanon. If you can leave then you get a better home, at a better price and as a bonus you get a better life. Get the hell out :)

    I am a big advocate for Lebanese immigration :) It is the only solution :)
     
    Indie

    Indie

    Legendary Member
    Orange Room Supporter
    Unless one is filthy rich why should he be seeking a house in the city centre in the first place? The citycentre is understandably expensive.

    You'll find plenty of apartments in the suburbs within the 200-300 k range.
    You didn't need to be filthy rich to live in places like Ashrafieh, before. Some people like city life, or are from the city, but they can no longer afford to live there.
     
    Indie

    Indie

    Legendary Member
    Orange Room Supporter
    The issue again is the land and construction costs, not the profits.

    Anyway, what we also have to realize is that owning an apartment inside Beirut isnt a right. So Beirut is very expensive, get an apartment elsewhere. Not every American, hell not every New Yorker lives in Manhattan. They kill themselves to live in a shoebox.

    Theres always cities that are expensive and others that are cheaper. Lebnen kello add el atche and people dont wanna move one block. Thats how other cities get developped.
    Even the regular apartments in the suburbs are overpriced compared to Lebanese salaries.
     
    !Aoune32

    !Aoune32

    Well-Known Member
    Even the regular apartments in the suburbs are overpriced compared to Lebanese salaries.
    Everything is overpriced in Lebanon. I am going to Leb in Feb. The economy is in tatters and I am trying to rent out an apartment in Hadath for 1 month and its so hard to find. You would think that people would kill for tenants. You know how much they want if you find one? $1800 for one month.
     
    Indie

    Indie

    Legendary Member
    Orange Room Supporter
    Everything is overpriced in Lebanon. I am going to Leb in Feb. The economy is in tatters and I am trying to rent out an apartment in Hadath for 1 month and its so hard to find. You would think that people would kill for tenants. You know how much they want if you find one? $1800 for one month.
    I know...on top of the real estate issues we already mentioned, there is now the AirB&B trend going on...plenty of people using properties for tourism rentals, which pushes prices up.
     
    !Aoune32

    !Aoune32

    Well-Known Member
    I know...on top of the real estate issues we already mentioned, there is now the AirB&B trend going on...plenty of people using properties for tourism rentals, which pushes prices up.
    agree.
    $1800 a month for a bloody rental. This is ridiculous. The thing I might have to take it also because all the other ones are even more than that.
     
    Indie

    Indie

    Legendary Member
    Orange Room Supporter
    agree.
    $1800 a month for a bloody rental. This is ridiculous. The thing I might have to take it also because all the other ones are even more than that.
    Yeah...those are the prices now...
     
    !Aoune32

    !Aoune32

    Well-Known Member
    Yeah...those are the prices now...
    The house prices will drop by 30% if not more. The economy is so bad that in my opinion it will be irreversable. You need to inject big amount of money into the Lebanese economy give people si2a and cut costs by the gov which I don't see happening. The retards thought that the wage rise would cost like 1 billion it ended up with like double. Lebanon has a debt-to-GDP ratio of 148 percent, one of the highest in the world, and recorded a fiscal deficit of $4.9 billion last year. Moody’s ratings agency downgraded Lebanese sovereign debt in August citing its debt burden.

    Bloody emberassing.
     
    opium

    opium

    Well-Known Member
    I understand that. What I am stating is that the price of apartments in the WHOLE of Lebanon is too much for the average joe. You want me to go and live in 3ersel ya3ne la2ano I can't afford something masalan in Batroun? Jounieh? Beirut? etc.
    You can buy in Bsaba, 5 min from Hadath at approx. USD 900 to USD 1200 per sqm. Very nice neighborhoods with greenery, also very calm. The municipality is doing a great job there.
     
    !Aoune32

    !Aoune32

    Well-Known Member
    You can buy in Bsaba, 5 min from Hadath at approx. USD 900 to USD 1200 per sqm. Very nice neighborhoods with greenery, also very calm. The municipality is doing a great job there.
    Yep thats where my brother in law bought. Apartment for like 80K.
     
    Indie

    Indie

    Legendary Member
    Orange Room Supporter
    You can buy in Bsaba, 5 min from Hadath at approx. USD 900 to USD 1200 per sqm. Very nice neighborhoods with greenery, also very calm. The municipality is doing a great job there.
    Thing is...it probably won't stay green for long. Looks like there's a lot of construction going on.

    Unless the municipality puts strict limits, that is.
     
    Walidos

    Walidos

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    Orange Room Supporter
    4000 are Beirut prices. Do you have any idea how much land costs in Beirut? Again, i gave you an example with total numbers. What youre saying youre taking it out of your own ass. Im a civil engineer and know the numbers.

    The profits are not exhorbitant at all. You have no idea what youre talking about. Kell el 3alam fetet aal domain because they thought like you.

    What they didnt undersand is that real estate companies owned a lot of land and the land prices skyrocketed after syrians left and there was stability. Thats why there was a big jump at first. Fakaro ano real estate a gold mine while its just a business like any other with similar ROI and even less than most.

    But it doesnt matter if you bought the land men zamen at 10$. You are still investing the current land price at the time youre building and selling.

    Its not about Sayfco. Companies that were doing normal business are going bankrupt. Because they simply started too many projects and these are projects that are financed by loans and when the selling stopped they cant pay back the loans and they dont have money to finish the projects.
    First off, the only one talking out of his ass is you. Second off, I am also a civil engineer so spare me the bullshit please. Third off, the people that entered the field entered it because they made good money, and they did. Finally, the price of land is as ridiculous as the price of the properties. Yes there is a factor of demand and supply, but asking for double and triple your total cost investment is a bubble, and we are paying for it now. Fa don’t come blaming small players or whatever, it’s. A bubble and it is bursting, and that’s good for us in the long term, tough shit for the greedy assholes who tried to make a quick buck...
     
    opium

    opium

    Well-Known Member
    Thing is...it probably won't stay green for long. Looks like there's a lot of construction going on.

    Unless the municipality puts strict limits, that is.
    Thing is...it probably won't stay green for long. Looks like there's a lot of construction going on.

    Unless the municipality puts strict limits, that is.
    This risk is everywhere not only in Bsaba. However zoning is much better there and it will never be overpopulated like in Hadath or Ain L Remmane.
    Have you been to Hazmieh lately? You feel in some streets that you got lost in Dahieh, noting that cost in Hazmieh is x3 the cost of Bsaba.

    Moreover non Christians are not allowed to buy properties there. Which I find sectarian ( But out of Subject)
     
    !Aoune32

    !Aoune32

    Well-Known Member
    This risk is everywhere not only in Bsaba. However zoning is much better there and it will never be overpopulated like in Hadath or Ain L Remmane.
    Have you been to Hazmieh lately? You feel in some streets that you got lost in Dahieh, noting that cost in Hazmieh is x3 the cost of Bsaba.

    Moreover non Christians are not allowed to buy properties there. Which I find sectarian ( But out of Subject)
    You do know that l Hadath is over 100K people and Hazmieh and Ain l Remmaneh is pretty much close to it. These places should stay christian but no one can afford anymore the outrageous prices.
     
    opium

    opium

    Well-Known Member
    You do know that l Hadath is over 100K people and Hazmieh and Ain l Remmaneh is pretty much close to it. These places should stay christian but no one can afford anymore the outrageous prices.
    I was raised in Baabda, I know the area very good.
    Hadath and Hazmieh and Ain L Remmmane are all saturated now, no available spots for new bldgs. That is why the cost is high.
    About the religion of the land, I don't mind having Muslims there. Because the ones that are going to afford to live there are usually educated middle class families, so it is not wrong to cohabit and share values.
     
    oldschool

    oldschool

    Active Member
    Walidos since you're am engineer I asked you two times to give me a complete cost and profit example with numbers like I did. I'm still waiting.

    And mazelak engineer you could've taken a loan and started a project and sold easily at half the market prices and made many other projects after? Ma lta2a Wala cherke as mhandess wahad bi lebnen yaamol hek?
     
    !Aoune32

    !Aoune32

    Well-Known Member
    I was raised in Baabda, I know the area very good.
    Hadath and Hazmieh and Ain L Remmmane are all saturated now, no available spots for new bldgs. That is why the cost is high.
    About the religion of the land, I don't mind having Muslims there. Because the ones that are going to afford to live there are usually educated middle class families, so it is not wrong to cohabit and share values.
    I rather these areas stay predominately christian eventhough mafe 100% christian or muslim area. These three are majority christian with at least 80% if not more. My wife is from Hadath. As you said its saturated. There is no more buildings that can be built hence probably why christians are also going to Bseba and other areas close to these areas.
     
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