Lebanon's real estate sector continues to attract major investors despite political and economic challenges, with the July 2009 edition of the Lebanon Real Estate Report pointing out that real estate sales value and construction permits achieved average growth rates of 17.6 per cent and 12.6 per cent, respectively, over the past five years. Further underscoring the country's resiliency in the wake of the global financial crisis, real estate sales transactions in Lebanon has now almost stabilised in the first five months of 2009, while construction permits have posted a 4.3 per cent yearly increase.
UAE investors, in particular, are the most active in Lebanon; according to the latest Inter-Arab Investment Guarantee Corporation annual report, UAE investors have collectively invested USD 1.115 billion in Lebanon, representing 41.9 per cent of total Arab investments in the country in 2008.
Emaar Properties, a Dubai-based Public Joint Stock Company and one of the world's largest real estate firms, and Renaissance Holdings, developers of landmark projects in Lebanon, have recently appointed BrandCentral, a leading strategy and design consultancy in the region, to develop the name, brand identity, a comprehensive design program and to create brand awareness for its flagship project in Lebanon.
"BeitMisk," the new brand developed by BrandCentral for the project, draws inspiration from ongoing nationwide rebranding initiatives in Lebanon. BrandCentral also revealed
that BeitMisk exemplifies the development project's goal of redefining the lifestyle experience in Lebanon by offering a combination of modern and traditional elements.
"Lebanon has showed impressive results in the construction and real estate sectors during the first half of 2009. These positive developments underline the country's resiliency amid an ongoing global recession, and have further enhanced Lebanon's reputation as a very attractive investment destination. Being our flagship project in the country, it is our goal to establish BeitMisk as a distinctive brand that embodies the beauty and natural bounty of Lebanon. Furthermore, we want this project to be part of a major branding initiative that will redefine the global outlook on Lebanon and reflect the exciting opportunities and possibilities that have now emerged throughout the country," Georges Abou Jaoude, Renaissance Holdings, the owners of the project who have appointed Emaar to spearhead the development.
"We believe that the success of this branding initiative will contribute greatly in ongoing nationwide efforts to enhance 'Brand Lebanon' among foreign investors from the UAE and beyond," said Gloria Mattar, Business Director, BrandCentral.
Ibrahim Lahoud, Director of Strategy and Brand Communication, BrandCentral, added, “The BrandCentral team spent around three to four months to create the ‘BeitMisk’ name, and later conceptualise and develop the brand, taking inspiration from the unspoiled natural beauty of the surrounding area and the relaxed and comfortable lifestyle of the neighbouring mountain village communities, a trait of the unique Lebanese lifestyle.
BeitMisk is a USD 800 million residential community project spread over 655,000 square meters in Lebanon's Metn area. The BeitMisk community provides home owners an excellent panoramic view of the surrounding mountain villages, while offering a combination of modern amenities and distinctive Lebanese village lifestyle features such as tree-lined roads and sidewalks and a refreshing environment. Comprising private villas and three-storey buildings, BeitMisk will be home to around 15,000 residents.
Merale Tourbah, BrandCentral’s Design Director, concluded: "BeitMisk has been developed to be one of the best residential destinations in Lebanon. In the same vein, BrandCentral has created the full corporate identity of the project down to the street naming and the design of the sales centre with the aim of conveying the grandeur and beauty of BeitMisk and the pine-covered Metn mountains, which is one of the most beautiful sights in Lebanon."
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