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Lebanese housing bubble
The Lebanese housing bubble is an economic bubble affecting almost all of Lebanon, where property prices have risen exponentially since 2005 (an average 5-fold increase as of February 2010), while the GDP has risen only around 52% during the same period.〔http://www.google.com/publicdata?ds=wb-wdi&met=ny_gdp_mktp_cd&idim=country:LBN&dl=en&hl=en&q=lebanon+GDP+chart〕
== Current status of the bubble ==
The Lebanese GDP per capita is around US$10,000 (after taxes) while Lebanese working abroad make on average around $30,0000 /year (after taxes). A decent housing far away from Beirut can cost around $150,000, a decent housing in the suburbs of Beirut can easily cost 4 times that amount, while a decent housing in the Beirut Central District can cost millions. Since home prices are rising constantly, many Lebanese and other investors are buying (through a mortgage) houses in order to resell them later (to other potential investors) at inflated prices. This strategy, as well as other deceptive strategies by the real estate agents left many Lebanese, both inside and outside Lebanon, unable to buy property in Lebanon anymore. Additionally, the inflated home prices are leading to an increase in rental prices, further increasing inflation and decreasing the real income of the Lebanese living in Lebanon. Other Lebanese who are end-buyers (e.g. not thinking of reselling their home) are committing to long term and risky loans in order to repay their mortgage. Since the banks only give 60% of the price of the house,〔http://www.dailystar.com.lb/article.asp?edition_id=1&categ_id=3&article_id=112149〕 the banking system in Lebanon can sustain a decrease of 40% of home prices in case of a bubble burst, this will increase the effect of the bubble burst on the buyer, as sometimes the 40% can constitute one's life savings (as well as his family's).
House prices in decent areas have increased so much that they're currently much more than in luxurious cities in countries enjoying political stability and a much higher GDP per capita. Although the governor of the Banque du Liban claims that the demand is 'real', there does not seem to be a real logic behind the continuous sharp increase in home prices.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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