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REGIONAL property developer Rakeen has commenced sales of its residential project in Beit Merri, an upmarket area near Beirut.
The new development marks the company's first venture into Lebanon's property market, the capital of which was recently named as one of the top places to visit in 2009 in a special New York Times travel recommendation list.
The Beit Merri Sunset development comprises 10 villas and nine apartments of various types designed to accentuate the beauty and luxurious location of Beit Merri, which offers scenic views of the Mediterranean Sea amidst a tranquil landscape.
Rakeen will incorporate stylish exterior designs and intricate interiors, while emphasising functionality in keeping with its unique and sustainable approach to development. The property developer recently opened a subsidiary in Beirut last March for on-site project management.
Jeremy Savory, Rakeen's commercial director, said: "We want Beit Merri to cement its rightful place as one of the best holiday retreats for Gulf residents.
"It has beautiful views overlooking Beirut and the Mediterranean Sea with its romantic sunsets, a pleasant climate, and a growing tourism business. This project is also a great opportunity for Rakeen to showcase the potential of its eco-conscious development concept."
Rakeen's development initiatives in Lebanon are in keeping with the impressive performance of the country's real estate and construction sectors, which have been among the key economic drivers of Lebanon's resurgent economy.
The July 2009 edition of the Lebanon Real Estate Report has revealed that real estate sales over the past five years have posted an average growth of 17.6 per cent, while the number of construction permits issued has increased at an average of 12.6 per cent annually during the same period.
At the height of the global economic downturn, Lebanon's real estate sector has also been one of the most resilient in the region; a moderate decline in property prices of 10 to 15 per cent has actually made Lebanese properties even more attractive to regional and international investors, triggering an influx of new real estate investments into the country.
The majority of real estate investment initiatives in Lebanon are stimulated mainly by foreign Arab investors, a growing number of expatriates and increasing interest of Lebanese residents in real estate development.
"As a person of Lebanese origin, I consider the Beit Merri Sunset a very special development since I am very familiar with the charm and natural beauty of the area. We wanted to add something different to the community, something that harmonises a modern lifestyle, peaceful living and indulgence.
"So far we are on track to deliver what I consider a dream come true for myself, for our company, and for this project's future residents," added Ghassan Youssef, managing director, Rakeen.
