Real estate in Lebanon accounts for 25% of GDP with shortage in housing of some 80 thousand dwellings

During a workshop held last week, the president of the real estate promoter in Lebanon, Nmeir Cortas, defended his economic sector requesting that it is no longer considered as the weak link. The workshop which focused on in-depth investigation of challenges and solutions for the real estate sector was an opportunity for the participants to insist on the important role that their sector plays in investments in Lebanon. They considered that any lull in this sector will reflect negatively on the overall economy.
Cortas who called for a fixed and fair taxation system pointed out during the workshop that the real estate sector has developed as the interests of owners who were given primacy over that of investors.  He went on to say that contribution of this sector in the national economy has reached 25% thus placing it amongst the highest contributors to the economy.  Cortas pointed out that currently there are projects of a total values estimated in billions of dollars.  Cortas addressed the government and the relevant ministries and noted that the policy t tax this sector heavily is unacceptable and he warned that the various taxes that are hitting promoters from various parts will have negative repercussions namely increasing the cost of owning real estate thus depriving the Lebanon from their right to own houses.  He concluded by pointing out to the present gap in the market in terms of housing unit, as the shortage now has gone up to 80000 units and is bound to increase.
Source: Al-Hayat, Al-Safir, NNA, 14 April 2014