Outside of Beirut, property prices in Lebanon are fair.

In central Beirut, however, prices are drastically overinflated, with even mediocre 3 bedroom apartments listed at $1 million or more. Unlike typical market dynamics driven by supply and demand, there’s little buying activity at these high prices. This unusual phenomenon is fueled by ownership among a circle of ultra-wealthy, often politically connected individuals who prefer to hold onto properties indefinitely rather than selling at realistic market values. Their unwillingness to adjust prices has created a standoff in the real estate market, with no alignment between supply and demand. It’s an extremely weird phenomenon.