According to the Article 11 of the law pertaining to foreign ownership of property in Lebanon, every foreigner who buys land in Lebanon must build the project, based on which he was given the right to purchase, within a period of 5 years from the date of purchase; failing to do so will result in the sale of said property in auction.
35 thousand foreigners failed to respect said article, owning lands with a total area of 22 million square meters.
At the beginning, the relations with Gulf countries was the reason behind failing to auction the properties, and today, the real estate deadlock is the reason for also failing to respect the article 11, but what could be the solution?
For more details, watch the full report in the video above