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REACH's Seminar Featuring LEPTOS ESTATES

 

REACH is proud to have hosted it's 1st seminar, focusing on Property Investment in Cyprus, sponsored by Cyprus's leading development company, LEPTOS ESTATES.  The seminar was held on April 22, 2013, at the Hilton Habtoor Grand Hotel's Beirut Hall.  

A welcome word by REACH's Chairman and CEO, Mrs. Taline Nahabedian was followed by an introduction speech by H.E. the Ambassador of the Republic of Cyprus, Mr. Homer Mavrommatis.  Guests were treated to a DVD presentation of LEPTOS properties, after which the Director of LEPTOS ESTATES, Mr. Pantelis Leptos took the stage to talk about his properties, the current economic situation in Cyprus, and it's effect and interest for investment in Cyprus.

 


To view the photos, please click here

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THE COST OF PURCHASING PROPERTY IN LEBANON

How high are realtors’ and lawyers’ fees in Lebanon? What about other property purchase costs?

Transaction Costs

    Who Pays?
Registration Fee 5% buyer
Transfer Tax 5% buyer
Stamp Duty 0.3% buyer
Municipality Fee 0.25% buyer
Bar Association Tax 0.1% buyer
Notary Tax 0.1% buyer
Lawyer’s Fee LBP750,000 (US$499) buyer
Real Estate Certificate LBP10,000 (US$6.65) seller
Costs paid by buyer 11.57%  
Costs paid by seller 0%  
ROUNDTRIP TRANSACTION COSTS 11.57%  

Source: Global Property Guide

 

How difficult is the property purchase process in Lebanon?

Foreign ownership of real estate property is allowed in Lebanon. Foreigners can acquire up to 3,000 square meters (sq. m) of land. Any bigger than this, a prior decree from the Council of Ministers is needed. Foreigners can only own up to 3% of the total land area of Lebanon. In the case of Beirut, foreigners can acquire up to 10% of the total area of the city.

A lawyer isn’t always needed in real estate transactions, except when it is more complicated than usual. If the two parties have agreed on the sale, the sale agreement can be drawn up by a notary public or a qualified facilitator, in place of a lawyer.

When registering the property, the seller acquires a Real Estate Certificate from the Land Registry. Other documents that may be produced, but not necessary, are: official cadastral map, urban plan certificate from the Municipality and Urban Planning Authority, and tax clearance from the Municipality.

If the documents are signed in the notary’s office, to be presented to the Land Registry, the Notary Tax of 0.1% has to be paid. If the documents are presented directly to the Land Registry, this cost is no longer required.