Rakeen, a leading property developer and master planner, has commenced sales of its high-end residential project in Beit Merri, a renowned upmarket area near Beirut.

The new development marks Rakeen’s first venture into Lebanon’s booming property market.

The Beit Merri Sunset development comprises ten villas and nine apartments of various types in Beit Merri, which offers scenic views of the Mediterranean Sea amidst a tranquil landscape.

Rakeen will incorporate stylish exterior designs and intricate interiors, while emphasising functionality in keeping with its unique and sustainable approach to development. The property developer had opened a subsidiary in Beirut in March for on-site project management.

“Beit Merri has beautiful views overlooking Beirut and the Mediterranean Sea with its romantic sunsets, a pleasant climate, and a growing tourism business,” stated Jeremy Savory, commercial director, Rakeen.

Rakeen's development initiatives in Lebanon are in keeping with the impressive performance of the country's real estate and construction sectors. The July 2009 edition of the Lebanon Real Estate Report has revealed that real estate sales over the past five years have posted an average growth of 17.6 per cent, while the number of construction permits issued has increased at an average of 12.6 per cent annually during the same period.

At the height of the global economic downturn, Lebanon's real estate sector has also been one of the most resilient in the region; a moderate decline in property prices of 10 to 15 per cent has actually made Lebanese properties even more attractive to regional and international investors, triggering an influx of new real estate investments into the country, he added.

Majority of real estate investment initiatives in Lebanon are mainly by foreign Arab investors, a growing number of expatriates and increasing interest of Lebanese residents in real estate development.

“As a person of Lebanese origin, I consider the Beit Merri Sunset a very special development since I am very familiar with the charm and natural beauty of the area,” concluded Ghassan Youssef, managing director, Rakeen.-TradeArabia News Service