Overview of Beirut. (Credit: Guillaume Boudisseau.)
Despite a still fragile security situation, Beirut's real estate market has been gradually recovering over the past five months. This resurgence follows the cease-fire effective on November 27, the election of a new President, and the appointment of a Prime Minister who formed a new government, creating a renewed momentum in the market.
Stagnant during the critical months of the 2024 conflict between Israel and Hezbollah, demand for apartments in Beirut saw a rapid increase at the beginning of 2025. This was evidenced by numerous sales within a few weeks. Many buyers had paused their purchase decisions during the peak of the conflict in 2024 and, well-aware of availability and pricing, finalized their deals as soon as the situation cleared.
High-end properties remain in demand, with prices exceeding $5,000 to $6,000 per square meter (sqm) for exceptional properties. Some clients are willing to pay premium prices for luxurious residences in the city.
Overall, prices in preferred neighborhoods like Ras Beirut and Achrafieh range from $2,500 to $3,500 per sqm, depending on the amenities, location, size, and floor level. In contrast, apartments requiring renovation in poorly maintained buildings range between $1,000 and $1,500 per sqm. Active buyers are aware of local and regional uncertainties but remain convinced it is a good time to buy in a market where availability remains limited.
Developers' attitudes highlight this renewed energy. Numerous plots have recently been bought in areas like Raouche, Furn al-Hayek, and Mar Mikhael. Prime plots have reached a land incidence (land price divided by sellable square meters) of $1,500 per sellable sqm, decreasing to $500 per sellable sqm in more "popular" neighborhoods such as the outskirts of Achrafieh.
The restart of construction sites across the capital is a positive indicator. From late 2019 to 2023, hardly any construction began due to the financial crisis forcing developers to pull back, with some relocating abroad. For months now, the number of new projects has been escalating and social media platforms are actively marketing them.
Prices on pre-construction agreements for lower floors vary from $3,000 to $3,800 per sqm in areas like Koraytem, Hamra, Monnot, and Geitawi. The prices of apartments under construction in Ras al-Nabeh are about $2,500 per sqm, and in Kaskas, around $2,250 per sqm.
Developers are undeterred by the absence of bank loans, which affects the middle class. To address this issue, they mainly offer smaller units. Advertisements for studio apartments and one-bedroom homes are on the rise. Expect to pay between $300,000 to $315,000 for 75 to 90 sqm, and over $400,000 for 117 sqm. These are primarily investment opportunities targeting investors who no longer wish to keep their savings in banks after the unresolved 2019 crisis.
For families searching for three-bedroom homes without access to bank loans, buying off-plan is challenging. Consequently, they often opt for older, less expensive properties, though with necessary renovations.
