Lebanon Businessnews News

Heritage building sales need
Ministry of Culture approval
Decision effective until reconstruction

of damaged areas is completed

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The Ministry of Finance (MoF) has issued a ruling forbidding the sale of heritage and historical real estate properties before an approval from the Ministry of Culture is granted.

The Ministry of Culture said that this ruling will remain effective and recordation in the Land Registry and Cadastre will be prohibited until reconstruction and renovation works are completed.

The aim of the decision is to prevent individuals or entities from taking advantage of the current state of affairs in the areas affected by the explosion in the Port of Beirut during the appraisal and reconstruction period, the MoF said.

The decision aims to protect the urban, demographic and historical character of the affected areas and to prevent real estate speculation or any impairment to property rights.
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Date Posted: Aug 12, 2020