In ruined Beirut, residents regret the arrival of property developers

Nearly three weeks after the double blast that destroyed Beirut, the upset homeowners are facing an influx of property developers trying to persuade them to sell their damaged properties. These investors are ready to do good business and are mainly targeting the historic districts of Lebanese capital that have been hit hard by the disaster.

In Lebanon, Beirut residents are fighting to recover from the double explosion that destroyed the Lebanese capital on August 4. Reconstruction takes time and costs residents, who have also been hit by the economic crisis that has plagued the country for months. Sensing good deals, property developers want to take advantage of the situation. They are trying to persuade upset owners to sell their property, especially in ruined historic districts.

In the Gemmayzé district, the Ghoulam family is trying to rebuild their house, typical of the district’s architecture. But this gem is of interest to developers. “Realtors have come to us to buy. Not one, not two, but several developers,” says Élie Ghoulam.

“I told them, ‘OK for $ 500 million per square foot!’ “They want to buy the house to build a modern building. They are foreign investors who want to steal our country,” he continues.

>> To read also: “Lebanon: Beirut’s architectural heritage in danger after the double explosion”

Thousands of houses were damaged in the double explosion at the port of Beirut on August 4. According to Unesco, almost 640 historic buildings, located in old quarters, have been destroyed. Some even threaten to collapse. Voluntary organizations are therefore mobilized to act before it is too late.