Lebanon Businessnews News

Fresh projects underway
SAYFCO sales growing despite real estate slowdown
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Sayfco is planning the launch of a new series of developments in several venues. Marketing and PR executive at Sayfco Holding, Sandrine Jabra, said that the company’s sales turnovers are still increasing despite the sluggish activity in the real estate market.

“Even though our competitors are slightly complaining about their sales returns, we’re still optimistic as we’re leading our projects very well,” she said. Last November Sayfco launched Crystal Towers, a $100 million- project in Antelias. Sayfco Holding is chaired by Chahe Yérévanian. It is fully-owned by the Yérévanian family.

According to Karim Makarem, partner at RAMCO Real Estate, demand in Lebanon’s property market will remain relatively strong throughout 2012, despite the various political and economic adversities. Makarem said that new property developments are shifting more towards the suburbs of Beirut.

According to Makarem, the property market saw diverse trends in 2011. He said that land sales have maintained a good sales rate throughout the year.

The high-end residential market saw a sharp slowdown in 2011, according to Makarem. He said, however, that “apartments for budgets below $600,000 were still selling well” throughout the year.

by Rana Freifer
Date Posted: Mar 07, 2012
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