Beirut Real Estate Boom Forcing Locals Out

House prices are skyrocketing in the sun drenched Lebanese capital of Beirut, forcing working families to find affordable housing miles outside of town, according to the KippReport news site.

Beirut - known as the Paris of the Middle East - has traditionally served as a popular summer resort destination for well-heeled vacationers from throughout the MENA region. But with luxury apartments and villas in high demand as year-round housing and investments, residents are creating a boom outside of the city's core, the news web site said.

Beirut's eastern suburb of Bouchrieh is a dynamic sector for residential investment, with working families flocking to such suburbs because they offer proximity to downtown Beirut but at more affordable prices. This is a popular area for business and families, since residents here have ample access to retail outlets, goods and services, schooling options, and affordable housing - all just minutes from downtown Beirut, the general manager for Beirut's Al-Haykal construction firm, Elie Lebbos, told KippReport.

Trendy downtown areas of the city such as Ain el-Mreisseh are where luxury apartments are selling for $1 million or more. Small flats in Ashrafieh are going for $300,000, a price beyond what many locals can afford to pay, said KippReport. Land is being snapped up in Beirut suburbs now, a Lebanese architect and developer, Bechara Bouchedid, told the news Web site.