Expatriate Healthcare News: Lebanese property prices increase
17/06/10 15:20
Expatriates in Lebanon are facing rising property prices as more people search for affordable housing.
Property sales in the country rose 41 per cent to 3.2 trillion Lebanese pounds in the first quarter of this year compared to the same period in 2009, according to the Directorate of Real Estate.
It is thought that the Middle East country is popular with residents of Gulf nations looking for holiday homes, the Straits Times reported.
Marwan Hamadeh of Beirut-based real estate company Sogetim told AFP: "There's a clear rise in both local population and emigration.
"Those who leave are generally qualified people. Their salaries here were US $3,000 and abroad they're making at least double that."
Mr Hamadeh noted that these expatriates are still Lebanese and want to keep their roots in their home country, "so they in part are setting market prices".
The news comes as property prices in Spain continue to fall, according to property journalist Marc Da-Silva.
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