Why did high-end real estate development in Beirut depend heavily on foreign investment?

High-end real estate development in Beirut, particularly within the Beirut Central District, relied heavily on foreign investment because the projects were designed as luxury ventures that remained largely unaffordable for the local population.1

Following the civil war, the reconstruction of the city center was managed by Solidere, a joint-stock company established in 1994. Because this development focused on high-end properties, it required significant capital inflows from wealthy foreign investors to remain viable. This reliance on external funding made the sector particularly sensitive to regional political and economic instability, which eventually led to a slowdown in investment during the 2010s.12