REAL ESTATE FOCUS 3PURZ!*SPJR[OPZHY[PJSL»ZLU[Y`PUº;HISLVM*VU[LU[Z»VUV\Y^LIZP[L Middle Metn makes a real estate-ment Low rise but high demand, up on the hill

O 72 O OPPORTUNITIES, MARCH 2013 Interest in middle Metn towns has been mounting for some time. Bayada 1346 Specifically, Cornet Chehwan, Beit El-Kiko, Ain Aar, and Cornet El-Hamra are attracting numerous residential developments and offer growing commercial potential. Lush with greenery, these towns draw in buyers in search of tranquility. Since the middle Metn attracts a mix of classes, developers offer a variety of residential choices. From gated communities to standalone structures, available units are quickly being sold out. The nearing completion of the Metn expressway brings with it even more promise of growth to the area.

LOCATION The middle Metn has what is considered a ‘front seat’ view overlooking and the coast north of it. Still a green region, it is H326 Hbous only around 20 kilometers northeast of the capital. Cornet Chehwan is a ten-minute drive from the coast. Getting to Beit El- Kiko, Ain Aar, and Cornet El-Hamra takes a little longer. The middle Metn is also close to Bekfaya, the region’s major urban area. There are several entrances to the middle Metn. The -Bekfaya highway is the main access road from Beirut and the vicinity. The Metn expressway, mostly open and nearing completion, shortens the time needed to reach the area. A road now goes from Nahr El-Mott to . A planned extension will link this part of M.Y. 1814 the expressway to Atshaneh, a village just Mazraat Yachouh below Bekfaya. This extension would be a great asset for the region, giving it more business potential.

LOCAL ATTRACTIONS Educational facilities are a major crowd- puller in the middle Metn. A number of schools exist in the region, such as the International College (IC) in Ain Aar, Saint Joseph School in Cornet Chehwan, and the nearby Jesus and Mary School. “These prominent schools have attracted more people to the Metn, especially families,” said Jean-Pierre Jbara, Mayor of Ain Aar, Beit Parcel 1967 El-Kiko, Cornet Chehwan, and Hbous. The Elissar region also features a cultural center, an auditorium, and a very active leisure space in Montana, the forested part of Cornet Chehwan. A growing number of people are opting to live in this region permanently. Some of the region’s original inhabitants who have residences closer to the capital still spend the summer in their Metn homes. The area is served by two nearby hospitals, Bhannes Hospital, a former tuberculosis sanatorium, and Serhal Hospital in Rabweh. The top ten local banks have also

LEBANON OPPORTUNITIES, MARCH 2013 O 73 O REAL ESTATE FOCUS

Sky High 2565 opened branches at the entrance of Cornet Bayada Georges Rmaili, a realtor who lives in the Chehwan, in Bekfaya, and in neighboring region and has two residential projects there. regions. The road to the middle Metn bustles According to InfoPro Research, the majority with a diversity of retail activity: Clothing, of buyers are Lebanese, although a few furniture, and showrooms, with most retail foreign nationals have also bought estates, stores concentrated in Mazraat Yachouh and mainly in Bayada. Expatriates represent a Elissar. But food and beverage outlets are the good proportion of the buyers. Harb divides mainstay of consumer activity. Supermarket expatriates into two categories: Those who Storium Saliba, in the heart of the region, live temporarily in the Gulf, and those who and Le Charcutier supermarket in nearby are permanent residents in more distant Rabweh are two of the main destinations for countries such as Canada and the U.S. but grocery shopping. have families back home. “Those staying in the Gulf are the ones buying evenly in AREAS OF INTEREST the middle Metn areas, according to their Realtors divide Cornet Chehwan into financial capabilities,” he said. The upper three segments: The core town of Cornet Bayada class has also elected to buy lands and build Chehwan; part of Rabweh; and Bayada near Residence villas in select parts of Ain Aar and Cornet El- . Others also include Elissar and 2374 Hamra. Meanwhile, middle-class families, Mtayleb in their segmentation. Antoine Abou composed of both locals and newcomers, Rizk, a real estate consultant, said: “The would rather live in Mazraat Yachouh, Ain area is naturally evolving. When prices go Aar, and Beit El-Kiko. Mazraat Yachouh in up on the coast, buyers start to move inland particular is a magnet for newlyweds since it and upwards.” This eventually forces the has the most affordable prices. price of lands nearest the coast to go higher. When they do, people move inland, deeper CONSTRUCTION LAW and higher. Elie Harb, the owner of Coldwell The scenery in the middle Metn is happily Banker, a real estate service provider, said devoid of skyscrapers and high-rise towers. that population density is concentrated Construction laws in the region state that all close to coastal regions starting from an buildings, whatever their function, must not elevation of 200 meters above sea level. have a high elevation. In the municipality “This means people buy mostly in the lower Cornet of Ain Aar, Beit El-Kiko, Cornet Chehwan, parts of Mazraat Yachouh, Bayada, Mtayleb, Chehwan and Hbous, four zones can be found: A, B, C, and Rabieh,” he said. Rabieh and Cornet 845 and D. In all four, the maximum height for a Chehwan can be considered the equivalent building must not exceed 13.5 meters. This of Beirut’s Sursock district, said Harb. elevation represents three floors above road These areas and their surroundings are in level and a roof. In Bayada, developments competition with other locations close to are even lower. “In one particular area Beirut: , , and . of Bayada, which is considered zone D, These regions are also doing considerably construction must not exceed 10.5 meters, well since they also lie at the same elevation allowing only for two floors above road and are well served by many roads leading level, and a roof,” said Mayor Jbara. The to Beirut. overall exploitation coefficient in zones A, B, and C is 0.9. This means that for WHO’S BUYING WHERE? Cornet every 1,000 m² of land in zones A, B, and Newlyweds represent almost half of those Chehwan C, developers have the right to build up currently driving the residential real estate 3274 900 m², excluding all underground and market in the middle Metn. Couples and below road level constructions. In Bayada, families search for affordable housing units the exploitation coefficient is 0.5, which there whose prices, on average, are half represents a built-up area of 500 m². The those of similar units in Beirut. “Commuters difference between the four zones is mild and of all age categories who work in the capital related only to construction technicalities. are buying apartments in the areas closest The surface investment coefficient is the to the capital,” said Abou Rizk. “These same in all, representing 30 percent, except areas include Antelias all the way up to in Bayada where it is lower by five percent. Cornet Chehwan.” The Rabieh part of The municipality has stipulated that 60 Cornet Chehwan is the preferred destination percent of the façade of all buildings should of upscale society. “Many high-ranking be made of stone. It also requires that 60 diplomats and ambassadors have homes in percent of the roof area should be made of Cornet Chehwan’s Bayada district,” said tiles and pyramid-shaped. The municipality

O 76 O LEBANON OPPORTUNITIES, MARCH 2013 REAL ESTATE FOCUS

BEIT MISK COMES OF AGE THIS SUMMER

“Since its launch in 2009, around 80 percent of the first phase has been sold,” said Nadine Keyrouz, Marketing Manager at Beit Misk. A total of 320 units were sold, of which 100 have already been delivered. Beit Misk lies some 22 kilometers from Beirut, a little above the middle Metn villages. It is by far the largest development in the entire region, spreading over 655,000 m², with around 450,000 m² of built-up area. The project is managed by Renaissance Group, chaired by Georges Zard Abou Jaoudeh. It includes apartment units, townhouses, and villas. Keyrouz said: “The Metn expressway is definitely our main advantage.” Since the development is located in Atshaneh, directly on the expressway, it offers residents quick and easy access to the capital. Beit Misk is self-sustaining since the surrounding Metn region “does not cater to everyday needs,” said Keyrouz. ‘Misk Town’ will be officially launched in summer. It will include a pedestrian area, a square, restaurants and coffee shops, and a pharmacy. “It will be Beit Misk’s downtown,” said Keyrouz. The development will enjoy fiber optics technology, firefighting systems, year-round security, and a call center. Around 200,000 trees will be planted there once construction is completed. ‘Green Village’, a part of Beit Misk, enjoys waste treatment, solar water heating, and other energy-friendly utilities. has recently taken the initiative to employ while prices are lower in Cornet El-Hamra, and can easily reach 500 m². Although Cor- Navleb, a local addressing company, to Ain Aar, Beit El-Kiko, and Mazraat Yachouh. net Chehwan attracts mainly upper-class handle the organization of Cornet Chehwan’s “Land is becoming scarce and prices are buyers, different apartment sizes can be streets. The company is assigning numbers expected to go up, if not now, then soon,” said found: Apartment sizes between 200 m² and and names to each street, building, and Rmaili. Local developer Nassar Kfoury said: 300 m² are widely available, and smaller landmark. “We wanted to organize this town “In very deep areas of Cornet El-Hamra, sized apartments can also be found. “Devel- and give people the capacity to find their near the valley which is only opers are betting on smaller bearings easily,” said Jbara. inhabited by locals, the price apartments because it is be- of one square meter of land When prices go coming difficult to sell large- MOSTLY MEDIUM-SIZED LOTS could drop to $500.” sized units,” said Rmaili. Almost all plots in the middle Metn are up on the coast, The prices of units are influ- privately owned either by locals or expats. LOW-RISE buyers start to enced by the price of land, as Lands are generally small to medium in size. RESIDENCES well as the location and type InfoPro Research shows that most projects The middle Metn is a prime move inland and of the development. “Unlike are built on lots ranging between 1,000 m² residential hub. In Elissar, upwards in Beirut, the nearer a resi- and 3,000 m². A few lots exceeding 4,000 m² Mazraat Yachouh, and Beit dential development is to the can also be found. The largest plots are El-Kiko, developments offer main road in this region, the in Cornet Chehwan and Bayada. In other small- to medium-sized apartments, which less expensive it is,” said Kfoury. The case is regions, such as Mazraat Yachouh, many lots are the highest in demand. This trend different in Cornet El-Hamra, where areas are even smaller, stretching only to 750 m². isn’t limited to the Metn only. A big con- near the main road are dedicated to high- Prices are also divided into two categories, centration of apartment units ranging in end residences. Prices in that corner start according to the cachet of each region: average size between 120 m² and 180 m² is at $2,000/m2. A few gated communities have Cornet Chehwan and Bayada (near Rabieh) available in the middle Metn. On the other been developed there. Mazraat Yachouh has have top level prices, around $1,700/m2, hand, apartments in Bayada are deluxe the lowest price level compared to other regions. In Ain Aar and Beit El-Kiko, prices AVERAGE PRICES IN MIDDLE METN ($/M2) are slightly higher. Area Land Apartments Offices Stores RETAIL OVER OFFICE Cornet Chehwan, Bayada 1,600-1,800 2,200- 2,600 3,000 3,800 Except for banks, there is only moderate Elissar 1,000 2,200 2,800 3,600 office use in the middle Metn. Office units Ain Aar, Beit El-Kiko, are usually part of residential developments. Mazraat Yachouh 1,200 1,550 1,800 2,900 But commercial centers are emerging as a new trend. Developers are building centers Source: InfoPro Research that host offices in upper floors and retail

O 78 O LEBANON OPPORTUNITIES, MARCH 2013

REAL ESTATE FOCUS New projects in Middle Metn

Development Apt size Starting Developer Contact Link (m2) price/m2 BAYADA

The Edge 1594 300 $2,400 Jean el-Sacy (04) 910.000 - (03) 561.562 P2254 Bayada 738 230 to 312 $1,650 Jean Onaissy (04) 911.477 - (03) 673.819 P1653 Bayada 2215 350 - 540 $2,500 MAC Enterprise (04) 402.244 - (03) 632.368 P1654 Bayada Residence 2374 370 to 700 $2,900 Elie Barakat (03) 348.934 P2893 Jad II Residence 255 to 275 $2,300 Samir &Jad Ghaoui (01) 383.834 - (03) 688.282 P2250 The Pearl of Bayada 210 to 330 $2,000 Vanlian Developments (01) 241.951 - (71) 306.192 P3187 Bay View IV 230 to 480 $2,600 David Mansour (01) 216.316 - (03) 285.285 P3773 Carla Bldg 1948 385 $2,650 Group Kamouh (04) 418.165 - (03) 810.445 P3968 Les Jardins 420 - 467 $3,000 Lahoud Co. (04) 926.746 - (03) 441.414 P4035 O-One Building 340 to 430 $3,000 Samir Tannous (03) 660.010 P2728 Bayada 860 325 $2,700 Hani Bou Chedid (04) 922.752 - (03) 200.065 P2894 Bayada 1996 245 - 335 $3,300 Paul Chedid Development (04) 930.070 - (03) 472.727 P4221 Bayada 2097 350 $3,500 Georges Rizk (03) 664.021 - (03) 203.120 P4257 Sky High 2565 230 to 250 $2,200 HEAD Engineering - Samer Deeb (04) 720.760 - (03) 638.373 P4342 Bayada 1346 210 $2,800 Dany Beyrouthy & Omar Maalouf (03) 277.988 P4344 CORNET CHEHWANE

Cornet Chehwan 2465 450 $3,300 Georges Rmaili (03) 666.967 P3138 Cornet Chehwan 4177 255 $2,000 Rmeily & Mansour (04) 930.500 P1978 Cornet Chehwan 3877 225 - 300 $2,000 Ets. Nassim Abou Habib (01) 894.770 - (03) 227.878 P2252 Mag Project 3257 230 - 240 $1,750 Adonis Ghanem & Ghassan Feghali (01) 890.478 - (03) 665.660 P2662 Mounir & Jamil Mansour Project 275 - 420 $2,500 Jamil & Mounir Mansour (04) 916.604 - (03) 213.392 P2921 Cornet Chehwan 1526 155 to 240 $1,500 Simitian Partners (01) 254.730 - (03) 273.685 P3732 Kfoury 3 265 - 450 $2,300 Kamil Kfoury (04) 410.522 - (03) 600.015 P2895 Cornet Chehwan 4179 220 to 440 $2,200 Georges Rmaili (03) 666.967 P3936 Sarkis Residential Building 310 $2,000 Claude Sarkis (03) 327.137 P3962 Citadelle 5 285 - 330 $2,700 Abdelahad-Sakkal (03) 666.224 P3963 Cornet Chehwan 3285 155 - 165 $1,600 Jean Nicolas (03) 806.839 P4020 Cornet Chehwan 3274 240 - 260 $1,800 Jean Nicolas (03) 806.839 P4021 Cornet Chehwan 3377 200 $2,500 Raif Harik (03) 083.329 P4141 Cornet Chehwan 845 220 - 300 $2,650 Fadi Najjar & Marwan Chedid (01) 884.407 - (03) 601.937 P4159 Cornet Chehwan 3086 300 $3,200 Chehdeh Maalouf (03) 344.022 P4252 CORNET EL-HAMRA

M.E.N Residences 226 to 370 $1,650 Adel Maalouli (03) 217.852 P2519 Raphael 1254 150 to 170 $1,400 Elie Ghawi & Jimmy Chalhoub (03) 543.802 P4206 Cornet El Hamra 2469 105 - 145 $2,500 Nassar Kfoury (03) 517.007 P4199 Cornet El Hamra 2126 195 - 210 $1,900 Khabbaz Group (01) 896.616 - (03) 253.253 P4138 ELISSAR

Elissar 1899 140 $2,200 Charbel Tanios (04) 927.062 - (03) 232.407 P3017 Parcel 1967 100 to 165 $1,800 Raffi Bajakjian (71) 040.855 P4348 HBOUS

H326 240 to 365 $2,200 W Enterprises (04) 404.646 - (03) 444.770 P4233 Al-Jawhara 800 $4,750 Simon's Group (03) 198.937 P4066

O 80 O LEBANON OPPORTUNITIES, MARCH 2013 -VYKL[HPSZVULHJOSPZ[PUNLU[Y`NV[VWYVWLY[PLZJVTSIHUK[`WL [OLJVYYLZWVUKPUNU\TILYPU[OLYLMLYLUJLMPLSKVU[OLOVTLWHNL

NEW PROJECTS IN MIDDLE METN (CONTINUED)

Development Apt size Starting Developer Contact Link (m2) price/m2 MAZRAAT YACHOUH

Green Dome I-II 180 - 203 $1,550 H.E.C (01) 423.426 - (03) 444.415 P1675 Mazraat Yachouh 992 120 to 170 $1,300 Bassam & Jack Zeinoun (01) 891.716 - (03) 307.020 P3168 Yachouh 555 125 to 175 $1,700 Fady Waked (03) 633.389 P4128 Haber Bldg 160 - 165 $1,400 Roger Haber (70) 444.670 P2667 Mazraat Yachouh 520 150 to 166 $1,100 Fares Hage (03) 485.250 P4129 Mazraat Yachouh 522 100 $1,450 Abdallah Moubarak & Samir Khoury (04) 723.666 - (71) 090.080 P4130 Karim Bldg 2494 180 $1,600 Karim & (03) 297.130 P2857 Mazraat Yachouh 2944 151 $1,450 Semaan Group (04) 913.134 - (03) 850.051 P2758 Hajj Project 1543 155 $1,800 Charbel Hajj (03) 797.965 P3395 Saint Joseph 1937 196 $2,000 Pierre & Rachid Bou Abboud (03) 999.087 - (03) 456.113 P4113 Yachouh 304 155 $1,550 Albert Morcos (03) 134.133 P4131 Mazraat Yachouh 955 115 to 185 $1,450 Toni Dagher (03) 669.095 P4183 Mazraat Yachouh 996 150 $1,300 Bassam & Jacques Zeinoun (01) 891.716 - (03) 307.020 P4192 M.Y. 1814 185 $1,600 Salloum & Co. (03) 835.617 P4240 Mazraat Yachouh 1915 265 $2,000 Mounir Abou Azzi Development (01) 567.992 - (03) 343.822 P4346

Source: InfoPro Research

LEBANON OPPORTUNITIES, MARCH 2013 O 81 O