Beirut is Open for Business
Beirut real estate construction
If you’ve been following the news over the last year, you’ll know that there’s been a bit of trouble in Lebanon like last year’s conflict where Israel invaded Southern Lebanon and bombed most of the country in its failed attempt to rescue two Israeli soldiers and quash Hezbollah and the continuing car bombing of government officials like Walid Eido.
With that backdrop you would expect the city of Beirut to be empty of people, its residents abroad or back in rural villages to escape the climate of fear and uncertainty in Lebanon’s capitol. This is mostly true, for the downtown shops are empty during the day, and at night many of the city’s apartment buildings are dark.
But that does not mean business has stopped, especially the construction industry. All across Beirut, construction cranes spear the sky in testament to the enduring optimism of Lebanese real estate developers. The very same developers who have not dropped office rents, even increasing them over the past few years despite the political turmoil.