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Unread 26 Jul 2006, 03:42   #1
Dace
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And now the news ...

PROPERTY LETTING BUSINESS BOOMING IN LEBANON



In today’s current political climate it’s not often that you hear businesses clamouring for greater Government involvement but that’s exactly what’s happening in Lebanon. The Lebanese Association of Residential Letting Agents (LARLA) is warning of a possible housing market crash and wants the Government to take measures to prevent this. What makes the situation even more unusual is that LARLA are calling for greater Government involvement as their members are reporting soaring profits.

Ali Zabad Assistant Director of LARLA, explains the current situation

“Base interest rate levels are low, historically low even, and this is encouraging people to borrow more money than they might otherwise as they can afford the repayments.”

So far, so good. According to Economics 101 liquidity in a financial market is very desirable. Zabad agrees, to an extent.

“More people borrow more money and some, most, of that money feeds back into the property sector. This is not a problem, at the moment, as the mortgage repayments are so low courtesy of the low base interest rate. These low rates encourage the property market to increase in value.”

This is very good news for property letters. With an inflating property market the value of their stock increases. Additionally, and more importantly, more expensive property raises rental rates thus increasing revenues for letters.

Zabad then explains where things could all go wrong.

“Eventually, for whatever reason, the Government has to raise base interest rates. It’s at this point that the debt become crippling. People knock huge sums off the value of their property just to get a sale to avoid bankruptcy. With a lot of people in the same situation this causes a property market crash.”

The rental rates then crashes along with the property market (why should renters, usually young propertyless professionals rent when they can buy cheaply?).

So there’s the problem but what’s the solution. Zabad has an idea.

“We feel the Government is not taking this situation seriously enough and want them to raise the base interest rates a little now to avoid a lot of pain later.”

It’s not just the LARLA members who worry about the potential for a housing market crash.

“With the cyclical boom and bust nature of the property business you’ve got to be careful or you could lose everything.” muses property owner and independent letting agent Rabeh Halloun, a man who’s based his business in Hermel.

“It’s a good thing we’re riding high at the moment” states Halloun “but I’m worried things could change in the future.”

And Halloun certainly is riding high. Hermel, a sleepy little town in the North of Lebanon is seeing a huge influx of people keen to leave behind big city living.

“We get people here looking to escape the stresses and strains of the 24 hour culture you see in places like Beirut.” explains Halloun

And looking around you can certainly see why people have chosen to move to Hermel. “Tranquility” is the word which instantly springs to mind. So tranquil in fact that the town seems to be proving to be a lure impossible to ignore.

“It started off as a trickle, a few people here and there, holidaymakers mostly, and then I guess word of mouth just spread.” Says Victor Abu Shkara, a local shop owner.

One of Halloun’s tennents explains why she left the big smoke.

“It was the noise. The constant ‘THUWUMP! THUWUMP! THUWUMP!’ coming from our neighbours. It got to be so bad I just couldn’t stand it.”

With so many people keen to take up residence in Hermel Halloun is doing a roaring trade.

“It used to be I could get 350, maybe 400 a month for this place.” he says showing me one of his properties, a 2 bed apartment just off the main road.

“Now I charge 400 PER PERSON per month.” says Halloun flashing a toothy grin

When asked how many people now stay in the apartment Halloun just responds “as many as I can fit in.”

One of the residents of the property later informs me “about 50 others”.

Business certainly is wonderful for this wily property mogul but as I’m about to leave he confides in me his worries for the future.

“With things so good it just can’t last. Nothing this good can last forever.”

It’s a terrible thing to see. A man, with so much good going for him, worrying about something that might never happen. Having been charmed by Halloun during this all too short interview this reporter certainly hopes that for him things certainly do stay this good forever. Or at least a very long time, whichever one’s better.
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Unread 26 Jul 2006, 03:44   #2
Dace
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Re: And now the news ...

OK, instead of getting angry (and ending up in a pointless argument with people who can’t see that my opinion on the subject is correct and they’re all just WRONG! WRONG! WRONG!) about the general foolishness of the Israeli’s in this conflict with particular emphasis on this (more info here and despite THE COMPLETE LACK OF LOVE FOR THE ARTICLE I CREATED THE OTHER DAY I decided to write a satirical report. Comment as you see fit.
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Unread 26 Jul 2006, 05:42   #3
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Re: And now the news ...

tldr;
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Unread 26 Jul 2006, 13:59   #4
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Re: And now the news ...

7/10

tremendously satirical and well written but boring subject matter hinders the comedy
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Unread 26 Jul 2006, 14:26   #5
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Re: And now the news ...

This thread gets the official moderator of approval.
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