The growing number of developments reflects the gradual return of developers to the Beirut market. Some did not hesitate to break ground in 2024, even as war raged between Israel and Hezbollah. “Buying an apartment off-plan carries risks. However, among the projects currently underway, several have been launched by well-known, financially solid developers with previous experience building in Beirut. Buyers trust them,” said real estate consultant Walid Eido.

Pricing grids for apartments under construction are relatively similar from one project to another. The average price is around $3,500 per square meter. Developers typically request 25 to 30 percent of the apartment’s value at the time of signing when the project begins. Buyers are expected to complete payments over three to four years, depending on the construction timeline.

Among the properties under construction, a two-bedroom, 125-square-meter apartment in Caracas is listed at $450,000. For a three-bedroom, 175-square-meter apartment in Qoreitem, prices reach around $600,000.

“We have sold eight apartments off-plan since the end of November 2024, nearly 30 percent of our stock. Our delivery date is set for the end of 2026. This success has encouraged us to slightly raise our prices,” said a developer building three-bedroom apartments on the edge of Hamra.

As in Achrafieh, buyer interest has accelerated during the first two months of 2025. “There’s been a wave of optimism, but it hasn’t fully translated into concrete sales yet,” said Eido. “Many people are still in the prospecting phase, window-shopping in a sense. They inquire, visit and compare. In reality, they’re updating their understanding of the market after a 2024 disrupted by the war. After that, some disappear. The most serious ones end up buying,” he said.

The Hamra area remains a niche market closely tied to LAU, AUB and the American University Hospital. Eight projects are currently under construction.

For less than $300,000, it is possible to acquire a two-bedroom apartment. Prices have remained stable since 2024. On Souraty Street, a 195-square-meter, three-bedroom apartment was priced in February 2025 at around $2,550 per square meter. After being on the market for a long time, the seller had to agree to a 15 percent price cut to attract a buyer. Along the same street, a fifth-floor, 255-square-meter apartment is listed for $720,000 in a building completed in 2013.

Hamra continues to attract investors looking for rental income. With a modest budget of $160,000 to $185,000, it is possible to invest in a 50-square-meter studio or a two-bedroom, 120-square-meter apartment in an older building without parking.

With minor renovations, these units are easily rentable. South of the Hamra district, in the Bristol area, a 240-square-meter apartment in a building delivered in 2015 was recently sold at $2,400 per square meter. Back in 2019, the same apartment had been listed at $3,150 per square meter.

The price range in the Clemenceau neighborhood is highly varied. From one street to another, values can differ significantly. High-end apartments are mostly located along Omar Daouk Street and around the ESA campus, where prices per square meter can soar beyond $4,500. According to professionals, these prices are sometimes inflated.

“Sellers don’t know how to correctly value their property. If they don’t have a clear plan for the proceeds from the sale, they remain hesitant and overestimate their apartment,” said Zaher Boustani, managing director of the real estate agency At Home in Beirut.

“Some owners change their minds at the last minute and refuse to sell,” Eido said.

This trend has become more common as some owners try to take advantage of the market recovery to secure better prices. “There’s no point in increasing an asking price that was already overinflated in 2023 and 2024,” Eido added.

Recent sales show that when prices are reasonable, transactions are possible. For example, a 250-square-meter apartment in a building constructed in the early 2000s, though in need of renovations, was just sold at $2,200 per square meter. Still, in Clemenceau, prices average around $2,500 per square meter for a 160-square-meter unit.

In a more recent development, a first-floor, 310-square-meter apartment was recently negotiated for $800,000, or about $2,580 per square meter. A renovated three-bedroom, 230-square-meter apartment in a 1980s building is currently listed at $530,000.

The war, from October 2023 to November 2024, has impacted the luxury market along the waterfront from Jal al-Bahr to Raouche. Properties are still available in buildings such as Lighthouse, Bahri Gardens, Raouche View, Carlton Residences and Valo Tower, with units ranging from 300 to 600 square meters.

“Demand for high-end properties along the coast remains limited. We have a few listings, but potential buyers are scarce, and their counteroffers fall far below the asking prices set by owners,” said Eido.

This slowdown resulted in a certain price stability. Along Charles de Gaulle Avenue, a 535-square-meter apartment is listed at $3.5 million, the same price it has held since 2023. In a project under construction in the Raouche hotel district, on Australia Street, two-bedroom apartments are available starting at $410,000, or about $3,500 per square meter.

Around the Sanayeh public garden, several 360-square-meter apartments were sold in 2024. The owner had set a very attractive pricing grid, ranging from $800,000 to $1.3 million, depending on the floor level. As a result, sales were swift, with the final units sold shortly after the November 2024 cease-fire. To secure an apartment with a direct view of the garden, buyers should plan for a budget of $725,000 for 230 square meters.

Near the Collège Protestant Français in Qoreitem, properties under construction are priced between $3,500 and $4,000 per square meter. A 157-square-meter apartment is listed at $600,000, with delivery scheduled for late 2026. With a budget of $500,000 to $550,000, buyers can acquire apartments ranging from 200 to 230 square meters in buildings constructed around 2010. For example, a 230-square-meter apartment is currently listed at under $2,350 per square meter.

Among high-end apartments in secured residences, a four-bedroom unit was recently sold at $3,200 per square meter. In another transaction, a 350-square-meter apartment on a high floor sold in 2024 for approximately $1.1 million.