The average starting cost for apartments under construction in Beirut vary from $2,000 to $8,500 per square meter, according to a new study conducted by a Beirut-based real estate advisory firm.
The firm RAMCO studied apartment asking prices in 67 Beirut neighborhoods, including popular downtown districts such as Saifi Village and Manara.
According to the study, between 2016 and 2017, prices have dropped in 34 out of the 67 Beirut neighborhoods, especially in central neighborhoods between Bachoura and Kaskas.
But researchers say there has not been a significant drop in apartment prices in the highest tier of the market. The most expensive neighborhoods, Manara and Saifi Village, have the same asking price as last year.
SEE MAP OF BEIRUT’S MOST EXPENSIVE NEIGHBORHOODS:
Other neighborhoods, classified by the study as “mid-market” areas, have seen their average prices increase. Areas such as Sioufi, Beddawi and Sakiet el Janzir, along with 23 other neighborhoods, posted a price hike over the last year.
Price hikes, the study says, are due to the introduction of new residential projects, which pull prices upward.
PRICES DROPPED
- Central neighborhoods between Bachoura and Kaskas
- Most neighborhoods on the eastern edge of Achrafieh
PRICES INCREASED
- Mid-market neighborhoods
- Sioufi, Beddawi and Sakiet el Janzir
PRICES REMAIN THE SAME
- Neighborhoods in good demand
- Sursock, Saifi Village, Monnot, Kobayat, Kantari, Manara
Researchers say the study looked specifically at asking prices posted by developers, and excluded any margin of negotiation or potential discounts offered during the purchasing process.
According to its website, RAMCO is a Beirut-based full line real estate advisory company, providing agency, marketing, and consultancy services.