Beirut's new skyline: Flashy apartments pop up despite war and dire economy

The bustling city of Beirut is witnessing a flurry of construction activity, with developers snapping up prime real estate to build lavish apartments, according to wire reports. Despite the ongoing war and an economy that has been battered by a 2019 crisis, these high-end developments are springing up in areas like East Beirut and West Beirut, promising luxury living with sea views and convenient amenities.

Property prices in some parts are even reaching levels not seen since before the economic crisis. However, this real estate boom contrasts sharply with the devastation in other parts of Lebanon, such as the southern suburbs and the Bekaa Valley, which have been largely destroyed by Israeli attacks. East Beirut, which was hit by the 2020 port blast, has largely been rebuilt and is now a hub for these new developments.

The construction is driven by a mix of factors, including safety, private sector investment, and the desire of Lebanon's middle class to park their cash in real estate rather than uncertain bank deposits. Yet, experts warn that these soaring property prices may not align with the country's ongoing security, banking, and economic challenges.