While the Lebanese market has seen a tremendous increase in real estate prices over the past few years, the marketplace is still attracting investors from the local and regional scene.
With the recent inflation of property values and the ever-increasing population especially the number of young couples looking to settle down, it has become difficult to find the right home, in the right area, at the right price.
As a matter of fact, properties in Beirut have become overly expensive with prices per meter sometimes exceeding 4,000$ in certain neighborhoods and the recent trend has seen new purchasers migrate to the medium distant periphery and far suburbs where attractive deals although still scarce are not impossible to find.
This article provides Lebanese property seekers with a list of tips and tricks that will make their property search easier and the quest to the ideal home a better road with few less obstacles.
1 – Choose the right location: whether you wish to stay in a busy area of Beirut within walking distance to restaurants, malls or school or if you wish to settle down in the middle of a nice mountain area such as Broumana or Beit Mery, always make sure you chose the location that makes your heart tick and gives you this warm nice feeling each time you go back home.
You guessed it, location is the first and utmost important criteria to consider when purchasing your home, office, or any real estate property. Also keep in mind that location is the primary factor determining property prices so you want to make sure you are choosing a location that you can afford.
Popular winter locations are Beirut, Jounieh, Baabda and the coastal area. Popular summer locations include the mountains area, Metn, Keserouan, The North and the Bekaa region.
2 – Choose the right size for you: There is a common tendency among most Lebanese people to live in properties much bigger than they actually need. It is not uncommon to find a family of two or three living in a 300 square meter apartment or even larger duplexes and villas.
Ask yourself: do I actually need all this space? How about sacrificing some space for the sake of choosing a better area? Always keep in mind that bigger does not always mean better and that the key point here is to choose a comfortable apartment with the right size.
3 – Always ask for the garage: parking in Lebanon especially in Beirut is very difficult although most residential and commercial buildings now proposes underground parking space. When buying your new apartment or office, always make sure you are getting your right share of the parking area and remember to include it in your real estate budget.
4 – Use online brokers to find your ideal property: the online real estate market in Lebanon is very rich with a large number of real estate brokers that keep their databases updated with the latest listings.
From individual real estate agents and developers to big listings aggregators, it is now easier than ever to search and find your Lebanese property online. Most online brokers now let you search properties by region, price, size, property type and many other parameters.
5 – Finally, don’t forget the finance part! With the recent inflation in real estate prices in Lebanon, it has become difficult to seal deals without the help of a mortgage or home loan. Remember to research well all the bank offers and try to put as much deposit as possible to decrease your interest expense.
Many good real estate brokers in Lebanon, especially the Beirut area have agreements and special offers with regional and international banks so make sure you ask them for these or check thoroughly their websites.
That’s it, we hope this article was useful and will make your property search in Lebanon easier.