Jones Lang LaSalle real estate services in Lebanon, Syria and Jordan
Across the Levant region, Jones Lang LaSalle is a leading player in the real estate market and hospitality services market. The firm has advised on over USD 3 billion in total development value in the countries of Lebanon, Syria and Jordan over the past two years. Jones Lang LaSalle is recognised as having leading real estate and hospitality expertise with a leadership team that has held senior positions with some of the largest real estate developers, hospitality companies and corporate groups both in the Middle East and internationally. The rapid pace of change in the region creates significant opportunities, challenges and complex decisions for investors. Jones Lang LaSalle’s services address the entire real estate development cycle offering comprehensive and creative investment solutions tailored to the region.
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Lebanon
The fundamentals for growth in Lebanon’s tourism and business tourism markets remain highly volatile and correlated to the political stability. In 2008, the market began to stabilize after the resolution of the war and other political factors, witnessing a market rebound which is expected to continue into 2009 and 2010. The office and retail sector in Beirut was one of the worse affected sectors by the past political instability in Lebanon, as a large number of multinational companies either relocated their offices to areas outside of the capital or have set up office in other countries. Occupancies and rates in Beirut experienced a sharp increase in 2008 indicating the return of stability after several years of weakness. |
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Syria
Economic activity started gaining momentum in Syria since 2007, with 2008 demonstrating the continuation of this upward trend. GDP growth was calculated at 10% Compound Annual Growth Rate (CAGR) over the last six years, with increased private investment and an increasing share of non-oil exports, the real estate sector has been among the highest growth sectors in the past few years showing an increase of approximately 40% from 2006 and a CAGR of 13% over the last six years.
Based on the projections of growth in population and retail demand it is estimated that there will be a shortage in high-end residential and retail sector in both the short and longer term. As of 2009, new retail projects will enter the market and these are expected to ease the demand; however, we anticipate demand levels to exceed the planned supply for the next five years.
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Jordan
Although the country’s GDP is one of the smallest in the MENA region, Jordan achieved a Compounded Annual Growth Rate (CAGR) of 11.97% from 2001-2007. The Jordanian government is implementing a new tourism strategy that aims to attract tourists not just from the GCC but also from Turkey, Greece and the Scandinavian countries, as sources indicate that these segments represent high potential for Jordan’s tourism sector. Furthermore, the government has been aggressively promoting the historical site of Petra particularly after it was voted one of the new Seven World Wonders along with activities of the Dead Sea, improving the tourism marketing strategies, enhancing the product competitiveness and the branding of the Jordanian territory. |
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