Middle Metn makes a real estate-ment Low rise but high demand, up

REAL ESTATE
FOCUS
3PURZ!*SPJR[OPZHY[PJSL»ZLU[Y`PUº;HISLVM*VU[LU[Z»VUV\Y^LIZP[L
Middle Metn makes
a real estate-ment
Low rise but high demand, up on the hill
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72 O LEBANON OPPORTUNITIES, MARCH 2013
Interest in middle Metn towns has been mounting for some time.
Specifically, Cornet Chehwan, Beit El-Kiko, Ain Aar, and Cornet
El-Hamra are attracting numerous residential developments and offer
growing commercial potential. Lush with greenery, these towns draw
in buyers in search of tranquility. Since the middle Metn attracts a mix
of classes, developers offer a variety of residential choices. From gated
communities to standalone structures, available units are quickly being sold
out. The nearing completion of the Metn expressway brings with it even
more promise of growth to the area.
LOCATION
The middle Metn has what is considered a
‘front seat’ view overlooking Beirut and the
coast north of it. Still a green region, it is
only around 20 kilometers northeast of the
capital. Cornet Chehwan is a ten-minute
drive from the coast. Getting to Beit ElKiko, Ain Aar, and Cornet El-Hamra takes
a little longer. The middle Metn is also close
to Bekfaya, the region’s major urban area.
There are several entrances to the middle
Metn. The Antelias-Bekfaya highway is
the main access road from Beirut and
the vicinity. The Metn expressway, mostly
open and nearing completion, shortens
the time needed to reach the area. A road
now goes from Nahr El-Mott to Baabdat.
A planned extension will link this part of
the expressway to Atshaneh, a village just
below Bekfaya. This extension would be a
great asset for the region, giving it more
business potential.
LOCAL ATTRACTIONS
Educational facilities are a major crowdpuller in the middle Metn. A number of
schools exist in the region, such as the
International College (IC) in Ain Aar, Saint
Joseph School in Cornet Chehwan, and
the nearby Jesus and Mary School. “These
prominent schools have attracted more
people to the Metn, especially families,” said
Jean-Pierre Jbara, Mayor of Ain Aar, Beit
El-Kiko, Cornet Chehwan, and Hbous. The
region also features a cultural center, an
auditorium, and a very active leisure space
in Montana, the forested part of Cornet
Chehwan. A growing number of people are
opting to live in this region permanently.
Some of the region’s original inhabitants
who have residences closer to the capital
still spend the summer in their Metn homes.
The area is served by two nearby hospitals,
Bhannes Hospital, a former tuberculosis
sanatorium, and Serhal Hospital in
Rabweh. The top ten local banks have also
Bayada 1346
H326
Hbous
M.Y. 1814
Mazraat Yachouh
Parcel 1967
Elissar
LEBANON OPPORTUNITIES, MARCH 2013 O
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REAL ESTATE
FOCUS
Sky High 2565
Bayada
opened branches at the entrance of Cornet
Chehwan, in Bekfaya, and in neighboring
regions. The road to the middle Metn bustles
with a diversity of retail activity: Clothing,
furniture, and showrooms, with most retail
stores concentrated in Mazraat Yachouh and
Elissar. But food and beverage outlets are the
mainstay of consumer activity. Supermarket
Storium Saliba, in the heart of the region,
and Le Charcutier supermarket in nearby
Rabweh are two of the main destinations for
grocery shopping.
AREAS OF INTEREST
Realtors divide Cornet Chehwan into
three segments: The core town of Cornet
Chehwan; part of Rabweh; and Bayada near
Rabieh. Others also include Elissar and
Mtayleb in their segmentation. Antoine Abou
Rizk, a real estate consultant, said: “The
area is naturally evolving. When prices go
up on the coast, buyers start to move inland
and upwards.” This eventually forces the
price of lands nearest the coast to go higher.
When they do, people move inland, deeper
and higher. Elie Harb, the owner of Coldwell
Banker, a real estate service provider, said
that population density is concentrated
close to coastal regions starting from an
elevation of 200 meters above sea level.
“This means people buy mostly in the lower
parts of Mazraat Yachouh, Bayada, Mtayleb,
and Rabieh,” he said. Rabieh and Cornet
Chehwan can be considered the equivalent
of Beirut’s Sursock district, said Harb.
These areas and their surroundings are in
competition with other locations close to
Beirut: Roumieh, Ain Saadeh, and Beit Mery.
These regions are also doing considerably
well since they also lie at the same elevation
and are well served by many roads leading
to Beirut.
WHO’S BUYING WHERE?
Newlyweds represent almost half of those
currently driving the residential real estate
market in the middle Metn. Couples and
families search for affordable housing units
there whose prices, on average, are half
those of similar units in Beirut. “Commuters
of all age categories who work in the capital
are buying apartments in the areas closest
to the capital,” said Abou Rizk. “These
areas include Antelias all the way up to
Cornet Chehwan.” The Rabieh part of
Cornet Chehwan is the preferred destination
of upscale society. “Many high-ranking
diplomats and ambassadors have homes in
Cornet Chehwan’s Bayada district,” said
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76 O LEBANON OPPORTUNITIES, MARCH 2013
Bayada
Residence
2374
Cornet
Chehwan
845
Cornet
Chehwan
3274
Georges Rmaili, a realtor who lives in the
region and has two residential projects there.
According to InfoPro Research, the majority
of buyers are Lebanese, although a few
foreign nationals have also bought estates,
mainly in Bayada. Expatriates represent a
good proportion of the buyers. Harb divides
expatriates into two categories: Those who
live temporarily in the Gulf, and those who
are permanent residents in more distant
countries such as Canada and the U.S. but
have families back home. “Those staying
in the Gulf are the ones buying evenly in
the middle Metn areas, according to their
financial capabilities,” he said. The upper
class has also elected to buy lands and build
villas in select parts of Ain Aar and Cornet ElHamra. Meanwhile, middle-class families,
composed of both locals and newcomers,
would rather live in Mazraat Yachouh, Ain
Aar, and Beit El-Kiko. Mazraat Yachouh in
particular is a magnet for newlyweds since it
has the most affordable prices.
CONSTRUCTION LAW
The scenery in the middle Metn is happily
devoid of skyscrapers and high-rise towers.
Construction laws in the region state that all
buildings, whatever their function, must not
have a high elevation. In the municipality
of Ain Aar, Beit El-Kiko, Cornet Chehwan,
and Hbous, four zones can be found: A, B, C,
and D. In all four, the maximum height for a
building must not exceed 13.5 meters. This
elevation represents three floors above road
level and a roof. In Bayada, developments
are even lower. “In one particular area
of Bayada, which is considered zone D,
construction must not exceed 10.5 meters,
allowing only for two floors above road
level, and a roof,” said Mayor Jbara. The
overall exploitation coefficient in zones
A, B, and C is 0.9. This means that for
every 1,000 m² of land in zones A, B, and
C, developers have the right to build up
900 m², excluding all underground and
below road level constructions. In Bayada,
the exploitation coefficient is 0.5, which
represents a built-up area of 500 m². The
difference between the four zones is mild and
related only to construction technicalities.
The surface investment coefficient is the
same in all, representing 30 percent, except
in Bayada where it is lower by five percent.
The municipality has stipulated that 60
percent of the façade of all buildings should
be made of stone. It also requires that 60
percent of the roof area should be made of
tiles and pyramid-shaped. The municipality
REAL ESTATE
FOCUS
BEIT MISK COMES OF AGE THIS SUMMER
“Since its launch in 2009, around 80 percent of the first phase has
been sold,” said Nadine Keyrouz, Marketing Manager at Beit Misk. A
total of 320 units were sold, of which 100 have already been delivered.
Beit Misk lies some 22 kilometers from Beirut, a little above the middle
Metn villages. It is by far the largest development in the entire region,
spreading over 655,000 m², with around 450,000 m² of built-up area.
The project is managed by Renaissance Group, chaired by Georges
Zard Abou Jaoudeh. It includes apartment units, townhouses,
and villas. Keyrouz said: “The Metn expressway is definitely our main
advantage.” Since the development is located in Atshaneh, directly
on the expressway, it offers residents quick and easy access to the
capital. Beit Misk is self-sustaining since the surrounding Metn region
“does not cater to everyday needs,” said Keyrouz. ‘Misk Town’ will
be officially launched in summer. It will include a pedestrian area, a
square, restaurants and coffee shops, and a pharmacy. “It will be Beit
Misk’s downtown,” said Keyrouz. The development will enjoy fiber
optics technology, firefighting systems, year-round security, and a call
center. Around 200,000 trees will be planted there once construction is
completed. ‘Green Village’, a part of Beit Misk, enjoys waste treatment,
solar water heating, and other energy-friendly utilities.
while prices are lower in Cornet El-Hamra, and can easily reach 500 m². Although CorAin Aar, Beit El-Kiko, and Mazraat Yachouh. net Chehwan attracts mainly upper-class
“Land is becoming scarce and prices are buyers, different apartment sizes can be
expected to go up, if not now, then soon,” said found: Apartment sizes between 200 m² and
Rmaili. Local developer Nassar Kfoury said: 300 m² are widely available, and smaller
“In very deep areas of Cornet El-Hamra, sized apartments can also be found. “Develnear the valley which is only
opers are betting on smaller
inhabited by locals, the price
apartments because it is beWhen prices go coming difficult to sell largeof one square meter of land
MOSTLY MEDIUM-SIZED LOTS
could drop to $500.”
units,” said Rmaili.
up on the coast, sized
Almost all plots in the middle Metn are
The prices of units are influprivately owned either by locals or expats. LOW-RISE
buyers start to enced by the price of land, as
Lands are generally small to medium in size. RESIDENCES
well as the location and type
InfoPro Research shows that most projects The middle Metn is a prime move inland and of the development. “Unlike
are built on lots ranging between 1,000 m² residential hub. In Elissar,
in Beirut, the nearer a resiupwards
and 3,000 m². A few lots exceeding 4,000 m² Mazraat Yachouh, and Beit
dential development is to the
can also be found. The largest plots are El-Kiko, developments offer
main road in this region, the
in Cornet Chehwan and Bayada. In other small- to medium-sized apartments, which less expensive it is,” said Kfoury. The case is
regions, such as Mazraat Yachouh, many lots are the highest in demand. This trend different in Cornet El-Hamra, where areas
are even smaller, stretching only to 750 m². isn’t limited to the Metn only. A big con- near the main road are dedicated to highPrices are also divided into two categories, centration of apartment units ranging in end residences. Prices in that corner start
according to the cachet of each region:
average size between 120 m² and 180 m² is at $2,000/m2. A few gated communities have
Cornet Chehwan and Bayada (near Rabieh) available in the middle Metn. On the other been developed there. Mazraat Yachouh has
have top level prices, around $1,700/m2, hand, apartments in Bayada are deluxe the lowest price level compared to other
regions. In Ain Aar and Beit El-Kiko, prices
2
are slightly higher.
AVERAGE PRICES IN MIDDLE METN ($/M )
has recently taken the initiative to employ
Navleb, a local addressing company, to
handle the organization of Cornet Chehwan’s
streets. The company is assigning numbers
and names to each street, building, and
landmark. “We wanted to organize this town
and give people the capacity to find their
bearings easily,” said Jbara.
Area
Cornet Chehwan, Bayada
Elissar
Ain Aar, Beit El-Kiko,
Mazraat Yachouh
Land
1,600-1,800
1,000
Apartments
2,200- 2,600
2,200
Offices
3,000
2,800
Stores
3,800
3,600
1,200
1,550
1,800
2,900
Source: InfoPro Research
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78 O LEBANON OPPORTUNITIES, MARCH 2013
RETAIL OVER OFFICE
Except for banks, there is only moderate
office use in the middle Metn. Office units
are usually part of residential developments.
But commercial centers are emerging as a
new trend. Developers are building centers
that host offices in upper floors and retail
REAL ESTATE
FOCUS
New projects in Middle Metn
Development
Apt size
(m2)
Starting
price/m2
Developer
Contact
300
230 to 312
350 - 540
370 to 700
255 to 275
210 to 330
230 to 480
385
420 - 467
340 to 430
325
245 - 335
350
230 to 250
210
Link
$2,400
$1,650
$2,500
$2,900
$2,300
$2,000
$2,600
$2,650
$3,000
$3,000
$2,700
$3,300
$3,500
$2,200
$2,800
Jean el-Sacy
Jean Onaissy
MAC Enterprise
Elie Barakat
Samir &Jad Ghaoui
Vanlian Developments
David Mansour
Group Kamouh
Lahoud Co.
Samir Tannous
Hani Bou Chedid
Paul Chedid Development
Georges Rizk
HEAD Engineering - Samer Deeb
Dany Beyrouthy & Omar Maalouf
(04) 910.000 - (03) 561.562
(04) 911.477 - (03) 673.819
(04) 402.244 - (03) 632.368
(03) 348.934
(01) 383.834 - (03) 688.282
(01) 241.951 - (71) 306.192
(01) 216.316 - (03) 285.285
(04) 418.165 - (03) 810.445
(04) 926.746 - (03) 441.414
(03) 660.010
(04) 922.752 - (03) 200.065
(04) 930.070 - (03) 472.727
(03) 664.021 - (03) 203.120
(04) 720.760 - (03) 638.373
(03) 277.988
P2254
P1653
P1654
P2893
P2250
P3187
P3773
P3968
P4035
P2728
P2894
P4221
P4257
P4342
P4344
450
255
225 - 300
230 - 240
275 - 420
155 to 240
265 - 450
220 to 440
310
285 - 330
155 - 165
240 - 260
200
220 - 300
300
$3,300
$2,000
$2,000
$1,750
$2,500
$1,500
$2,300
$2,200
$2,000
$2,700
$1,600
$1,800
$2,500
$2,650
$3,200
Georges Rmaili
Rmeily & Mansour
Ets. Nassim Abou Habib
Adonis Ghanem & Ghassan Feghali
Jamil & Mounir Mansour
Simitian Partners
Kamil Kfoury
Georges Rmaili
Claude Sarkis
Abdelahad-Sakkal
Jean Nicolas
Jean Nicolas
Raif Harik
Fadi Najjar & Marwan Chedid
Chehdeh Maalouf
(03) 666.967
(04) 930.500
(01) 894.770 - (03) 227.878
(01) 890.478 - (03) 665.660
(04) 916.604 - (03) 213.392
(01) 254.730 - (03) 273.685
(04) 410.522 - (03) 600.015
(03) 666.967
(03) 327.137
(03) 666.224
(03) 806.839
(03) 806.839
(03) 083.329
(01) 884.407 - (03) 601.937
(03) 344.022
P3138
P1978
P2252
P2662
P2921
P3732
P2895
P3936
P3962
P3963
P4020
P4021
P4141
P4159
P4252
226 to 370
150 to 170
105 - 145
195 - 210
$1,650
$1,400
$2,500
$1,900
Adel Maalouli
Elie Ghawi & Jimmy Chalhoub
Nassar Kfoury
Khabbaz Group
(03) 217.852
(03) 543.802
(03) 517.007
(01) 896.616 - (03) 253.253
P2519
P4206
P4199
P4138
140
100 to 165
$2,200
$1,800
Charbel Tanios
Raffi Bajakjian
(04) 927.062 - (03) 232.407
(71) 040.855
P3017
P4348
240 to 365
800
$2,200
$4,750
W Enterprises
Simon's Group
(04) 404.646 - (03) 444.770
(03) 198.937
P4233
P4066
BAYADA
The Edge 1594
Bayada 738
Bayada 2215
Bayada Residence 2374
Jad II Residence
The Pearl of Bayada
Bay View IV
Carla Bldg 1948
Les Jardins
O-One Building
Bayada 860
Bayada 1996
Bayada 2097
Sky High 2565
Bayada 1346
CORNET CHEHWANE
Cornet Chehwan 2465
Cornet Chehwan 4177
Cornet Chehwan 3877
Mag Project 3257
Mounir & Jamil Mansour Project
Cornet Chehwan 1526
Kfoury 3
Cornet Chehwan 4179
Sarkis Residential Building
Citadelle 5
Cornet Chehwan 3285
Cornet Chehwan 3274
Cornet Chehwan 3377
Cornet Chehwan 845
Cornet Chehwan 3086
CORNET EL-HAMRA
M.E.N Residences
Raphael 1254
Cornet El Hamra 2469
Cornet El Hamra 2126
ELISSAR
Elissar 1899
Parcel 1967
HBOUS
H326
Al-Jawhara
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80 O LEBANON OPPORTUNITIES, MARCH 2013
-VYKL[HPSZVULHJOSPZ[PUNLU[Y`NV[VWYVWLY[PLZJVTSIHUK[`WL
[OLJVYYLZWVUKPUNU\TILYPU[OLYLMLYLUJLMPLSKVU[OLOVTLWHNL
NEW PROJECTS IN MIDDLE METN (CONTINUED)
Development
Apt size
(m2)
Starting
price/m2
180 - 203
120 to 170
125 to 175
160 - 165
150 to 166
100
180
151
155
196
155
115 to 185
150
185
265
$1,550
$1,300
$1,700
$1,400
$1,100
$1,450
$1,600
$1,450
$1,800
$2,000
$1,550
$1,450
$1,300
$1,600
$2,000
Developer
Contact
H.E.C
Bassam & Jack Zeinoun
Fady Waked
Roger Haber
Fares Hage
Abdallah Moubarak & Samir Khoury
Karim & Michel Murr
Semaan Group
Charbel Hajj
Pierre & Rachid Bou Abboud
Albert Morcos
Toni Dagher
Bassam & Jacques Zeinoun
Salloum & Co.
Mounir Abou Azzi Development
(01) 423.426 - (03) 444.415
(01) 891.716 - (03) 307.020
(03) 633.389
(70) 444.670
(03) 485.250
(04) 723.666 - (71) 090.080
(03) 297.130
(04) 913.134 - (03) 850.051
(03) 797.965
(03) 999.087 - (03) 456.113
(03) 134.133
(03) 669.095
(01) 891.716 - (03) 307.020
(03) 835.617
(01) 567.992 - (03) 343.822
Link
MAZRAAT YACHOUH
Green Dome I-II
Mazraat Yachouh 992
Yachouh 555
Haber Bldg
Mazraat Yachouh 520
Mazraat Yachouh 522
Karim Bldg 2494
Mazraat Yachouh 2944
Hajj Project 1543
Saint Joseph 1937
Yachouh 304
Mazraat Yachouh 955
Mazraat Yachouh 996
M.Y. 1814
Mazraat Yachouh 1915
P1675
P3168
P4128
P2667
P4129
P4130
P2857
P2758
P3395
P4113
P4131
P4183
P4192
P4240
P4346
Source: InfoPro Research
LEBANON OPPORTUNITIES, MARCH 2013 O
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