Houssam Batal @WhoSam1

discovering...uncovering @columbia Joined September 2009

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Houssam Batal @WhoSam1

6 years ago

@AmineBeyhum @dan_azzi The 10% I’m mentioning are the estimated portion of leb residents that still get a significant chunk of their income from abroad, not to mention the estimated 5B real $s stored in homes , eventually those will use them to rescue their lollars .Hence more demand on quality assets

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Houssam Batal @WhoSam1

6 years ago

@AmineBeyhum @dan_azzi You think those ppl will stop driving their Porsches and buying their chalets and accessories?! In fact they’re buying all this at a discount so I see luxury assets being driven up due to shortage of supply

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Houssam Batal @WhoSam1

6 years ago

@AmineBeyhum @dan_azzi These 10% will find it relatively affordable to pay part real $ and part lollar that they have stuck here . They’d be rescuing their lollars will taking advantage of prices on fresh $s . Supply is already limited and most that already bought will ride it out even for decades

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Houssam Batal @WhoSam1

6 years ago

@AmineBeyhum @dan_azzi You have to take into account that many expats will find not worthwhile to stay abroad esp since many of their current place of residence are also in bad shape . They’ll get more value/$ in terms of real estate . Every Lebanese aspires to eventually own a property

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi I agree with you on the assets currently help by the “decimated” middle class , but I’m referring to the luxury real estate and prime assets. These will never be built again ,impossible !, hence supply will become more scarce . Those will command higher and higher prices!

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi I know this project well and it’s actually asking more than before in Lolllar terms . This specific unit was for sale for $2,900 lollars in February, and now it went up by asking $1,500 fresh which means about $4,700 lollars . Developer is a bank selling at replacement cost .

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @Hanih @georgeghantous1 @lebaneselollar But I agree with this , the lollar is almost worthless and even 20% on the real dollar is optimistic . That just proves that real $ is king and a unique “apartment in Solidere “ for 2M lollars is actually only really priced at $400k ! That is great value for scarce product

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @Hanih @georgeghantous1 @lebaneselollar There are billions of lollars and billions of true cash available in the market , and some understand that the few premium products available today are truly irreplaceable.

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @Hanih @georgeghantous1 @lebaneselollar I’m a real estate developer and I can assure you there’s real demand and real transactions , as expats and locals with cash in hand see an opportunity to upgrade at 1/3 of what they were anyways paying before . I’ve been involved in 7 closings this month that involve cash&lollar

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Houssam Batal @WhoSam1

6 years ago

@Hanih @dan_azzi @georgeghantous1 @lebaneselollar We will never have grade A material such as marble and top brand finishing as we we’re enjoying with the subsidized lira and artificial purchasing power . Replacement of this is impossible , hence the demand will always overtake the supply of those particulars

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Houssam Batal @WhoSam1

6 years ago

@Hanih @dan_azzi @georgeghantous1 @lebaneselollar Agree with the reasoning however there’s also inflation so what you sold at $2,500 in 2005 used to cost u max $2,000 but today the minimum cost for similar product is at least at $3,700 which in turns translated to sale at $4,500 or to $14,000 lollars . Game over

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @georgeghantous1 @lebaneselollar Yes that I could maybe agree with , however replacing the quality products that are scarce on the market will be near impossible within the foreseeable future . Hence it won’t lose too much even in real $ terms , but we agree that in lollars it will command more and more

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @lebaneselollar It’s king , but it’s still second to real $s that’s an emperor in comparison

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @lebaneselollar How about reversing that formula . My friend bought real estate for 700k Lollars and sold it again for $350k real dollars paid abroad . He just turned a profit of $130k real dollars , as his 700k lollars were only worth a max of $220k real dollars . Quality real estate is king

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Houssam Batal @WhoSam1

6 years ago

@dan_azzi @georgeghantous1 @lebaneselollar Very wrong , obviously in lollars prices will keep shooting up . Consider the approach of Discount Value of Replacement

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Houssam Batal @WhoSam1

6 years ago

@OmarTamo19 Where is lira headed , with the current and coming money supplies , will demand for $s keep increasing even with a slower market activity ?