Political and security events have revived the Beirut real estate market in a few weeks. Real estate was reeling from several months of war in 2024. It started to improve after the cease-fire in November 2024, the election of a president on Jan. 9, 2025, the appointment of a prime minister and finally the formation of a new government on Feb. 8, 2025.

'The demand has indeed accelerated in recent weeks, but the market had never stopped in 2024. From January to May 2024, we began to see a return of buyers,' recalls Éliane Kreidy, a real estate expert and general manager of Foncia Consult. But the market slowed down starting June 2024 with the worsening situation in South Lebanon and the Beqaa region. Following Israeli bombings on the southern suburbs and ten strikes on Beirut, the sector came to a complete standstill until the end of November 2024.

"After a difficult 2024, we are observing a new dynamic in recent days. The visits are multiplying. People are calling and inquiring. Even if sales are still not materializing, the situation is getting better," added Zaher Boustani, general manager of the real estate agency At Home in Beirut. "The market moved starting from the appointment of Prime Minister Nawaf Salam. This was a trigger," said Roya Ghossein from B-in Beirut real estate agency.

5, 10, or even 20 percent increases

Quickly, the sector regained some momentum. Enthusiastic, some owners have taken their apartments off the market in hopes of improved conditions within a few months, allowing them to get a better price than today. Others prefer not to wait and are already increasing their prices by 5 to 10 percent.

On their side, real estate agents deplore these recent increases, while owners hear it differently. "Changing these prices in a few days is megalomania," said an agent who prefers to remain anonymous. "We have an apartment in Furn al-Hayek whose value went from $350,000 to $400,000 within a few days. These price changes, sometimes around 20 percent, are often unjustified and hard to defend with a buyer who has the same purchasing power as last year," said Ghossein. "The lack of scale and references disrupt the market. This greed hinders buyers' appetites who are not ready to overpay for a property," explained the expert.

Moreover, the wave of optimism at the beginning of 2025 hasn't magically solved the issues. "Owners forget that the country is emerging from a 13-month war, that banks still do not give loans, that money transfers are not easy, and that administrative procedures are still long and complex," said Eliane Kreidy, a real estate professional with more than 25 years of experience in the luxury market.

Real estate consultants unanimously assert that sales prices have mostly been stable for the past two months. "Recent transactions prove it. Sales are only possible at the prices of 2023 and 2024. Conversely, the apartments that have increased in the past few days do not sell. It's a fact," said Kreidy.

On the outskirts of downtown and Saifi Village, the area remains a sought-after address. A dozen buildings constructed over the last 10 years offer good services. "The Place Pasteur project is in high demand. It's part of high-quality buildings, very well secured, reassuring buyers," said Ghossein. An apartment of 260 m² without a view of the port and requiring renovation work is listed at $3,100 per m². In contrast, a high floor with clear views can soar beyond $5,000 per m².

Conversely, the tourist district of Mar Mikhael has several small spaces accessible for tighter budgets. Properties in buildings designed by well-known architects are appreciated and attract investors looking for good investments. A two-bedroom property is offered at $400,000, or $3,400 per m². Apartments of 100 to 150 m² in quality buildings can range from $550,000 to $600,000.

Still, in the same district, a property went from $4,100 per m² to $4,300 per m², an increase of about 5 percent in just two months. "Sellers must calm down. It's time to set the record straight. The country's issues haven't been solved in a few weeks. The security situation remains fragile. The recent events last February around the airport prove this," said Patrick Geammal, owner of Ascot Real Estate, who regrets that investing in Beirut is still not as enticing as in Dubai, where prices keep rising.

Good deals are possible on the outskirts of Mar Mikhael towards the Qobeiyat sector, like this 175 m² unit advertised at $500,000 in a building constructed 10 years ago.

The reputation of the Sursock district remains strong. The presence of palaces and some restaurants like Kanz offers a setting appreciated by the elite. The prices requested vary from one building to another. In 2024, a four-bedroom apartment in a very well-maintained residence sold based on $4,100 per m² beyond the 10th floor. "The Sursock Domes building is a sought-after address. The square meter can exceed $5,000 per m², which is still lower than the prices of 2019," said Geammal. "The client who can afford it will not stop at a 5 to 10 percent surcharge. The most important thing for them is to have an opportunity to buy in Sursock or Abdel Wahab al-Inglizi," said Boustani.

On the other hand, properties that need work and are located in poorly maintained buildings are around $2,500 per m², like this 5th floor with 360 m² listed at $1 million. Its value has decreased by 20 percent since 2023. An entirely to-be-renovated 600 m² apartment is listed for $1.5 million.

In the heart of the golden square of Achrafieh, Furn al-Hayek is also a sought-after destination. The streets Abdel Wahab al-Inglizi, Trabaud and Chehade are popular. The neighborhood is charming with its small bistros. The opening of two boutique hotels gives it a unique touch. Around the Saint-Nicolas area, buyers ready to undertake renovations can find options of 300 to 325 m² for around $825,000. That's slightly overpriced for some, but the address is appealing.

Close to the Albergo Hotel, a 285 m² property is seeking a buyer at $800,000. Among the transactions observed in 2024, a four-bedroom apartment located on the first floor of a building constructed 15 years ago, near Saint Joseph University, was sold based on $2,000 per m². Without a doubt, a good deal since the 5th floor in the same building is offered at $3,500 per m².

Located in a high-standard building near the ABC center, a 13th-floor apartment was sold at the end of 2024 based on $3,500 per m². An oddity of the market, the owner of the 9th floor in the same building currently asks for $3,750 per m². Quality properties with impeccable services can reach $5,000 per m². "Among the most prestigious residences in Achrafieh, the 20/30 building is sought-after. We sold a 400 m² apartment there based on $5,250 per m²," revealed Geammal.

Furn al-Hayek is not forbidden for small budgets, like this newly renovated 170 m² apartment without parking, offered at $400,000. Among the character properties, a 200 m² apartment with a lovely high ceiling and a small garden is listed at $700,000.

"The market is divided into two categories of buyers. There are wealthy individuals who can pay beyond a million dollars, and there are investors with budgets of $150,000 to $200,000 looking for a rental investment. In between, many Lebanese cannot buy and are forced to rent while waiting for the situation to change," said Kreidy.

A few small spaces are available in the Monnot district. Advertised in September 2024 at $380,000, a 100 m² apartment is now offered at $400,000. A construction project offers units from 70 to 220 m². The price list starts at $3,500 per m².

In the Sodeco sector, it costs $600,000 to acquire a 230 m² property. However, a 177 m² space is listed at $500,000. Inaugurated in 2016, the Sama Beirut tower has several availabilities from $2,500 to $3,500 per m², depending on the owners and floors. "Even at $2,500 per m², we have no buyer," said Geammal.

The highest prices in Badaro are found in the Medawar sector near the National Museum and the Smallville Hotel. Having views over the hippodrome is a privilege that comes at a cost. Consider $900,000 for a three-bedroom apartment. The square meter can rise to 3,386 m² for a 189 m² space in a building completed in 2019.

Prices are more attractive in the military hospital sector. A 240 m² four-bedroom apartment is listed at $550,000. It's almost 25 percent less than in 2019. With a budget of $500,000, it's possible to buy a 185 m² property in a high-standard building. "The demand in Badaro has been affected by the 2024 war and the proximity of bombings in Tayyouneh and Ghobeiri. Even if the product is perfect and at a very good price, we have recently felt certain reluctance from clients," said Boustani.

There is no shortage of availability in the Corniche al-Nahr sector. Purchased by a bank check in 2020, some apartments are back on the market. Several buildings like Urban Dreams, U Park 1289, Factory 4376 and Achrafieh 4748 offer opportunities and a varied range of spaces.

An atypical apartment in a project signed by a renowned architect is listed at $3,000 per m². A 200 m² duplex is listed at $550,000. "Although it's a new residential neighborhood on the outskirts of Achrafieh, the prices are relatively high compared to apartments located in Monnot or Gemmayze," said a real estate agent who preferred to remain anonymous.