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Beirut's Real estate market continues to grow

Prices Rise 25% a Year over Last 5 Years, and Still Rising
Dubai, April 6: Beirut's real estate market is continuing to boom, according to the Middle East's largest private developer DAMAC Properties .

Property prices in Beirut have increased by an average of about 25 per cent a year, for the past five years, according to RAMCO Real Estate Advisers, based in Beirut. Whilst the rate of growth in property prices has slowed over the past year, to about 10 per cent, prices are still rising.

"Lebanon is currently one of the best performing property markets in the region. There are strong economic fundamentals underpinning growth in the property sector, which means this growth cycle has longer to run and is sustainable growth," said Ziad El Chaar, Managing Director DAMAC Properties .

A recent report by international financial institution Standard Chartered supports the claims. The report indicated that property demand in Beirut remains strong and Lebanon's economy will expand about 5.5 per cent this year, making it one of the fastest growing economies in the region. The expanding economy is fuelling population growth, which is currently outpacing the supply of available quality accommodation. Increasing demand for housing is pushing up rental prices, which are now amongst the highest in the Middle East.

"The growth in Lebanon's property market is being driven by end users, but the smaller and mid-range apartment sectors are still undersupplied. Demand is coming from wealthy young Lebanese leaving the family home, as well as a growing number of Lebanese expatriates returning home." El Chaar added.

DAMAC Properties is currently developing 'DAMAC Tower', one of Beirut's leading developments in partnership. DAMAC Tower, Interiors by Versace Home, is located at the trendy Solidiere marina district in downtown Beirut. DAMAC Tower is the first exclusive VERSACE Home branded residential tower in the region and on completion will have extensive views of the Mediterranean.

DAMAC Tower is already receiving plaudits and recently won a prestigious Bloomberg International Property Award, which is one of the highest accolades awarded in the property sector - it won the global award for 'Best High Rise Architecture.'

Lebanon's property market differs from some of the GCC real estate markets in that demand is being driven largely by organic growth, rather than speculation, according to a recent report by Bank Audi. Bank Audi's report on Lebanon's Real Estate market outlined that the double-digit real estate price hikes in recent years have, to a certain extent, brought property prices in Lebanon in line with regional and global averages.

El Chaar commented; "There is a lot of pent-up domestic demand for property, following years of political instability. However, we are now seeing confidence return to the real estate market, and that is proving to be a big impetus for end users and investors alike."

DAMAC Properties is a highly respected regional developer, and is currently working in partnership with Italian designer VERSACE to provide the luxury lifestyle concept at DAMAC Tower in Beirut.

Further information is available at www.damacproperties.com

DAMAC Properties , part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

2010 was labelled the 'Year of Construction' at DAMAC Properties , during which it aggressively focused on construction and contract delivery to trusted and quality contractors. DAMAC Properties have already delivered 4239 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (Ocean Heights, The Waves and Marina Terrace) already delivered and is expected to have handed over a further 7 towers comprising 3387 units in 2011.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

The company's projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.

Further information is available at www.damacproperties.com

-Ends-

For more information please contact:
Niall McLoughlin,
Senior Vice President
Corporate Communications,
DAMAC .
Tel: +971 4 04 3732190
Fax: 00 9714 3732335
Mobile +971 50 6531824.
emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2011