After enduring decades of war and a reputation as one of the most dangerous cities in the Middle East, Beirut is now tipped to rise like a ‘phoenix from the ashes’, according to international property experts.
Beirut was devastated by civil war between 1976 and 1990 and became an international byword for urban devastation. Now though it looks to join many other regions that have rebounded from wars or an oppressive regime to become prime centres for development and investment.
Multinational firms like drinks company Diageo and Sarkis, the tobacco distributors, are already established in the city. Digital start-ups and a strong local creative industry are also beginning to flourish. As a result, property prices are being driven steadily upwards as demand increasingly outstrips availability.
The most obvious symbol of Beirut’s resurgence is the 28-storey Damac Tower in the city centre, a luxury building constructed by Dubai-based Damac Properties, with interiors designed by Versace. A two-bedroom apartment in the upmarket centre currently costs around £331,774. But this is expected to increase rapidly as more investors flock to the once-volatile city, which is making the most of its position on the Lebanese coast to become a major alternative trading hub.
‘Beirut is becoming a centre of alternative trade in the Middle East and enjoying a new position in the region,’ says Yolande Barnes, Savills’ head of international research. ‘It’s a rising star on the world stage, and although it is not widely or heavily invested in yet, it has the potential to be.’
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