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

Real estate developers are constructing lavish apartment complexes in Beirut, despite ongoing conflict and a struggling economy. Listings on OLX, Lebanon's leading online marketplace, showcase properties in desirable areas of the capital, promising modern living with Mediterranean views and convenient amenities. Prices for these upscale apartments exceed $500,000.

Ghassan Hasbani, a former deputy prime minister and MP representing East Beirut, attributes the construction surge to the area's relative safety and private sector investment. He noted that people with middle-class incomes are relocating to these areas, seeking stability and security amidst the war and economic turmoil. Property prices are climbing, even though they seem out of sync with the country's security and banking realities, according to a property advisory firm.

Despite the ongoing conflict, certain neighborhoods in East Beirut, such as Town Square and Hamra, are undergoing significant construction. These areas were previously damaged by the 2020 Beirut port blast, which killed about 220 people. The developments in these regions are driven by the desire to avoid financial uncertainty in the banking sector and to manage risk.

However, this construction boom contrasts sharply with the devastation in other parts of Lebanon, particularly in southern Lebanon, Beirut's southern suburbs, and the Bekaa Valley, which have been damaged or destroyed by the Israeli military's conflict with Hezbollah. Rebuilding efforts are stalled due to a lack of official government decisions, while some areas are experiencing demolitions instead.