Real estate association sees prices quadrupling

Apartment prices are expected to skyrocket over the next few years despite current stability in real estate markets, the head of the real estate contractors association Elie Sawma said Wednesday. “We could see the prices of apartments tripling or quadrupling over the next few years,” he added. Sawma said a sustained scarcity in land available for real estate projects has been pushing prices upward sharply but had not yet affected apartments. “In the near future a market adjustment is bound to happen and the increase in land prices would be reflected in apartment prices,” he added. Sawma said the real estate sector is immune to political bickering but remains fragile as a result of security conditions. He said government taxes and fees amount to 33 percent of construction costs, adding that the government would facilitate paperwork needed for real estate projects. From DailyStar