Geitawi is a bit like a quaint little village inside Beirut. On paper it sounds great: there’s a central park, parallel, one-way streets, and patches of greenery. It’s also peaceful and quiet and boasts the occasional charming period building. And yet, it doesn’t have a very good image. It is true that most of the buildings date back several decades but lack the charm of old period buildings. They were never meant as luxury projects and they now show their age. To say the least, it could be said that the neighborhood has not aged gracefully…
But Geitawi has caught the eye of new developers, who are tearing down old, shabby buildings to replace them with brand new, good quality buildings. The streets surrounding the public garden are particularly appreciated. What’s great about these new developments is that unlike most other parts of Beirut, apartments can enjoy pleasant views over a green area and not have buildings immediately across the street from them.
Geitawi is also still one of the most reasonably priced neighborhoods of Ashrafieh. Prices of new apartments vary between USD 2,700 and USD 3,300 per SQM on the first floor. Apartment sizes are relatively small – anywhere from 60 SQM (one bedroom) to 150 SQM – so that overall budgets can be as low as USD 200,000 or USD 300,000. Not many places in Beirut where you can find that anymore!
The bottom line is: Geitawi is a neighborhood in full rejuvenation. New projects (no fewer than 10 projects are currently under way) are sprouting here and there and the area is getting a very refreshing face lift. It’s definitely one to watch for the future.
Interested in buying in the area? Contact us
Furn el Hayek is the high-end residential islet in the heart of Ashrafieh. It is very prestigious, highly exclusive, and home to the cream of the crop of the Lebanese social elite. What gives the area its irresistible charm is the network of pleasant streets, tree-lined and flanked by some of Ashrafieh’s most beautiful traditional buildings still left standing.
Developers have chosen to usually build only large luxurious apartments, which attract an older more affluent clientele. It’s an area seen as safe, clean and optimal for raising a family. There are some of the best schools and universities in Beirut in close proximity, and ABC Mall is just around the corner. There are also various supermarkets and upscale boutiques, restaurants and cafes as well as the odd trendy bar, such as The Wine Bar, which attracts a loyal local crowd.
Prices of new apartments in this area start at around 4,500USD/SQM on the first floor and apartments tend to be on the larger side with the average size of new apartments in 2015 being 373SQM. This makes for a sizable barrier to entry for a brand new apartment in the area but only serves to cement its exclusivity and place the area in even greater demand.
Here are some properties we currently have for sale in the area.
After conducting a study of residential properties in Beirut, we were surprised to learn that despite prices overall not moving much over the past three years, there are some areas that have bucked this trend. Five neighborhoods in Ashrafieh have increased by 10 to 21% during 2014.
- Mar Mikhael, one of the most up and coming neighborhoods of Beirut, went up by 21% and apartment prices are now between USD 3,500-4,500 per SQM for apartments in new buildings on the first floor.
- Saydeh is attracting new developers. Prices went up by 16% to reach USD 3,000-3,600 per SQM on the first floor.
- Sagesse still has several empty plots of land that are now being built. Prices went up by 14% to reach USD 3,500-3,800 per SQM on the first floor.
- Adlieh-Museum (Mathaf) has become very popular again lately. Prices have only increased by 10% and the neighborhood remains one of the cheapest areas of Ashrafieh at USD 2,300-3,400 per SQM on the first floor.
- Saifi has some very charming residential streets and has some very beautiful new projects. The area has also increased by 10% but has some of the highest prices in Ashrafieh that start at between USD 4,200-6,500 per SQM on the first floor.
So this may be a good time to buy in these areas, before they get more expensive. To see a list of properties for sale in Ashrafieh, click here.
One of the earliest residential neighborhoods to be completed at the reconstruction of Beirut Central District (BCD) at the end of the 1990s, Saifi Village was a quasi pilot project to test the potential of downtown Beirut. Located at the south-eastern end of BCD, in the old carpenters’ quarter of Said Akl Street, Saifi Village is a highly atypical residential neighborhood of Beirut. Well restored and immaculately planned, Saifi Village is unique in Beirut. It was immensely popular and vacancies were extremely rare. However, despite its many advantages, Saifi Village is not totally unaffected by the general slowdown in the real estate market of Beirut. Selling prices are stable (sometimes on a slight decrease), rental values are dropping, more and more retail units stand vacant, and two projects have been altered or put on hold.
Verdun is a versatile, multi-faceted address that enjoys a very solid reputation. It is a jigsaw puzzle of residential, commercial, and business hubs. Over the past few months, several residential projects were introduced on the market and ABC Verdun Mall is planned for 2017. However, in the medium term, the neighborhood remains dominated by its commercial and office structure. Verdun Street is bounded by 58 plots on either side of its 1,370-meter-length. About ten of these (around 17 percent of the total number of plots) have strong development potential. Some are vacant (currently used as parking lots) while others have old structures that could be torn down to make room for new buildings. Verdun has two distinct areas that offer very different characteristics: Northern Verdun between Concorde Square and Goodies and southern Verdun from Goodies to Mazraa Boulevard.
Which neighborhoods offer the largest upcoming office stock?
The commercial landscape of Beirut evolves apace with restaurant operators’ appetite. The F&B industry undoubtedly dictates the development of commercial hubs across the capital. F&B operators move in tandem from one location to another. Growing demand for a particular area has immediate repercussions on asking rental values. When they migrate, they also do it as a group, and prices drop sharply. Within a few months, a neighborhood could go from being a slumbering residential area to a buzzing attraction hub to night prowlers. It is a mad race then between established and startup F&B concept operators to find the best locations – at the best deals. The mood of the F&B chiefs makes or breaks a particular location. Retail areas move at the rhythm of their whims – as testify the following four examples: Maarad Street, Gemmayze, Mar Mikhael, and Badaro.
In its haydey, Ahmad Chaouki Street, which turns into the Avenue des Français at its eastern end, was reminiscent of the Promenade des Anglais on the French Riviera in Nice. It has since been renamed (Ahmed Chaouqi Street). This wide avenue, one of the widest in Beirut Central District, used to lounge the Mediterranean back in the 1960s and was a favorite haunt of the idle strollers, going around the St. George’s Bay. Since the landfill of the former Normandy – renamed Beirut Waterfront District, the street no longer has a seafront façade. However, some of the tall towers dotting its length do have views of the Mediterranean. The area surrounding Ahmad Chaouki Street is a mixed landscape that includes two hotels, Monroe and the Grand Hyatt (temporarily on hold), several residential towers, offices (Starco and New Starco), and retail spaces along street level.
From derelict no man’s land to the up and coming high-tech hub of Beirut and – its creators hope – of the region, Bachoura has made a formidable transformation! A public-private partnership between a development company (ZRE), an incubator (Berytech), and the Ministry of Telecommunications is behind this achievement. Each member of the trio has pitched in with its special expertise – ZRE developing the concept and overseeing its construction, Berytech attracting IT startups, and the Ministry providing broadband internet and telephone infrastructure at preferential rates. Since its launching in September 2012 with a nine-floor building, Beirut Digital District (BDD) currently has renovated three buildings and two more should be upcoming in 2014 and 2015, which offer approximately 7,500 SQM of office space and about 1,500 SQM of retail space. An additional 6,000 SQM are yet to come by 2017.
The area of Ras el Nabeh is a near perfect right triangle delimitated by three major highways: Abdallah Yafi (formerly called Fouad I), Bechara el Khoury, and Damascus. Ras el Nabeh is a central residential neighborhood that is located almost midway between western and eastern Beirut. The northernmost tip of the triangle is less than 350 meters from the southern border of BCD, making it a very short walk from the trendiest, most prestigious, and best planned urban environment in the capital. Thanks to the surrounding traffic axes, Ras el Nabeh is easy to access, while its inner streets are quiet, insulated from the surrounding traffic – and its noise. This island-like quality has confirmed Ras el Nabeh as one of the city’s most sought-after residential neighborhoods. Since 2005, the area has been undergoing a surge of activity – construction sites are counted by the dozens. Sales ratios seem to indicate that the area’s popularity is likely to endure in the face of the current general stagnation.