The real estate sector is a major pillar of the Lebanese Economy and a large contributor to the GDP. The sector withstood wars, economic crisis, oil price declines but always came out relatively unblemished.
Since the beginning of the decade, the Lebanese real estate sector has been witnessing a significant shift in its market dynamics due to: Regional turmoil and local instability that have reduced the attractiveness of Beirut’s apartments and created a shift in end-user demand to smaller sized units.
This was aggravated by an oil price slump from over $110 in 2011 to mid $30s, reducing Gulf investor appetite to purchase property in Beirut and the country as a whole. This resulted in a supply of thousands of residential units currently caught in a relative standstill, including properties valued at over $2 million, and later luxury apartments in the $1.5 million range, then $1 million and later $500k.
Several sectors and businesses were adversely affected as a result including banks, contractors, subcontractors, suppliers and others, magnifying the negative impact on the Lebanese economy as a whole.
But the land of the Cedar and proud conquest of emperors past has a knack for rewriting the pages of history, and emerging phoenix- like, above all crises. Legacy One - The Company - Lebanon’s premier real estate ignition initiative, delivers a way forward for the property sector to play its natural role again, resurrecting demand and availing ‘concrete’ investment opportunities.
Leveraging depth of know-how, and unprecedented scale in choice, sales capabilities and reach, the Company’s balanced strategy lies in creating a lasting and rewarding investment climate fuelled by attractive markdowns and irresistible supply-demand dynamics.
This bold initiative is backed by a highly robust due diligence aimed at minimizing risk, and maximizing opportunities for all stakeholders.