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NewsTranscript
00:00 The purchase of a residential apartment in Lebanon has become a dream that is difficult to achieve for many young people who want to get married and start a family.
00:08 This is due to several major factors, including the collapse of the national currency, the suspension of bank loans, and the disruption of the public institution for the acquisition of new students.
00:19 With the outbreak of the housing crisis in Lebanon, in the shadow of the continuation of social, economic and living crises, more than 80% of Lebanese youth are unable to buy a residential apartment at the prices listed in the market because they exceed the double of their purchasing power.
00:36 This has reflected in the number of newly registered marriages, according to a study by the International Institute of Information, from 36,000 in 2019 to 29,000 in 2022.
00:50 We can't afford to start a family and buy an apartment. I'm not thinking about marriage because the situation doesn't allow me to even think about it.
00:59 We used to buy an apartment in 2005, we could buy a house, we could buy it in the middle, but now, God forbid.
01:06 Today, I'm telling you, young man, that what I'm getting out of it is not enough for me. How am I going to get married? How am I going to start a family? How am I going to start a family?
01:15 The social instability has been a major issue. In the Middle East, the solution is enabling young people to buy a residential apartment at a cost, with the Bank of Lebanon announcing that it will loan $165 million from the Arab Bank for economic and social development to strengthen its financial capacity and to restart housing loans.
01:40 This is a simple order for the Lebanese youth. Today, there will be an opportunity for them to buy a house in their village, in their village, in their city, to build on that order, to build on the land they have given, or to build a house for their family.
01:59 We will start with the loan, God willing, and you will buy it. And for the loan, today, it is $40,000 from the limited income and $50,000 from the medium income.
02:11 Of course, the loan will be in the US dollar, and the payment will be in the US dollar, and the conditions are that it is a disabled person. First, he must be Lebanese in order to get the loan.
02:24 Second, he should not exceed the area of the apartment, 150 meters. Third, he should not be benefiting from any loan.
02:38 Fourth, he should not have another residence on all Lebanese lands. And he should have a minimum ceiling of $1,500 and a maximum ceiling of $2,500.
02:55 The General Housing Foundation needs several years to complete the large files that exceed 80,000 applications and to put in place a new housing plan that meets the large number of applications.
03:07 The General Manager of the Housing Bank is stricter on the ability of commercial banks in Lebanon to give housing loans to Lebanese youth, based on a proposal submitted by the Legislative and Consultative Committee,
03:20 and on protecting their money by opening an account abroad in the US dollar, or what is known as the "cross-border account."
03:28 (drum roll)