The president of Lebanon’s real estate agents and consultants syndicate, Walid Moussa, has called for the regular resumption of work at the land registries, highlighting that their closure has resulted in a loss of revenue to the Treasury of $200 million.
Speaking at the opening of Lebanon’s second real estate forum on Tuesday, Moussa advocated for the abolition of the Ministry of the Displaced, suggesting it be replaced by a Ministry of Housing, given that the number of displaced persons in Lebanon is virtually non-existent. He also urged Parliament to be more active, stating that “there is a vision for housing” in the form of a bill that has been buried in Parliament’s drawers since 2018. He also hinted at a leasing bill that has been hidden in Parliament’s drawers since 2012.
Wassim Mansouri, Vice-Governor of the Central Bank, pointed out that monetary policy alone is insufficient to restore economic growth. He noted, “Since the start of the crisis, the economy has contracted, with national income falling from around $55 billion to less than $20 billion.” Furthermore, he highlighted that the money supply in circulation in Lebanese pounds has dropped from 82 trillion to 60 trillion, while foreign currency reserves now stand at $9,929 million.
During his speech at the second real estate forum in Lebanon, Mansouri emphasized the need for the banking sector to re-establish the lending process, stating, “The real estate sector is considered to be the main engine of growth.” He reiterated the necessity of implementing reforms and resolving the depositors’ crisis.
The real estate crisis in Lebanon stems from the 2019 crisis and was only worsened by the lack of liquidity that has affected not only Lebanon but the entire region since 2018. Mansouri lamented that real estate transactions are carried out in cash, saying, “This is detrimental to Treasury revenues and transparency, while the BDL is trying to rectify the money laundering situation.”
