House prices are skyrocketing in the sun drenched Lebanese capital of Beirut, forcing working families to find affordable housing miles outside of town, according to the KippReport news site.
Beirut - known as the Paris of the Middle East - has traditionally served as a popular summer resort destination for well-heeled vacationers from throughout the MENA region. But with luxury apartments and villas in high demand as year-round housing and investments, residents are creating a boom outside of the city's core, the news web site said.
Beirut's eastern suburb of Bouchrieh is a dynamic sector for residential investment, with working families flocking to such suburbs because they offer proximity to downtown Beirut but at more affordable prices. This is a popular area for business and families, since residents here have ample access to retail outlets, goods and services, schooling options, and affordable housing - all just minutes from downtown Beirut, the general manager for Beirut's Al-Haykal construction firm, Elie Lebbos, told KippReport.
Trendy downtown areas of the city such as Ain el-Mreisseh are where luxury apartments are selling for $1 million or more. Small flats in Ashrafieh are going for $300,000, a price beyond what many locals can afford to pay, said KippReport. Land is being snapped up in Beirut suburbs now, a Lebanese architect and developer, Bechara Bouchedid, told the news Web site.