It would be logical to conclude that Beirut’s real estate market would be in the doldrums as a result of the violence. Yet that’s not exactly what’s happening.
Immediately after the war, high-end property sales did indeed shrink. Some high-profile projects, like the 29-story La Residence collaboration between Damac, a Middle-Eastern firm, and Ivana Trump, ex-wife of New York City’s flamboyant developer Donald, stalled. Since the official groundbreaking 18 months ago, when at least 30 percent of units were pre-sold, there’s been no activity at the building site. (However, the company has pledged the project is moving forward). Read the full story from the January 2008 issue here.