The new buyer of the Abdel Kader Palace on Omar Daouk Street in downtown Beirut has sought neither discretion nor anonymity. On the contrary, Najib Abou Hamzeh displayed his name around his new property a few days after the purchase.  According to sources requesting anonymity, the deal was completed in a matter of weeks between January and February 2024. The buyer, a Lebanese businessman, fell in love with the property. “He got himself a trophy,” said a source involved in the deal.  “People looking for authenticity and nostalgia for ancient Lebanon are the ones who have an interest in exceptional estates like this palace. They are aware of the local heritage, which contrasts with Beirut’s urban jungle,” said Patrick Geammal, CEO of Ascot Real Estate. “But the number of customers that these prestigious products attract remains limited.”  Demand is rare because these buyers can afford any property on any continent. Buying a palace in Beirut with such a budget is not for everyone,” said Aya Ghossein, managing partner at B in Beirut.  Located close to the Starco business center, the Abdel Kader Palace is one of the last preserved palaces in downtown Beirut. Built in 1850 by the Beyhum family, it is named after Algerian emir Abdel Kader, who stayed there for a few months in 1857. In 1911, the palace fell under French ownership.  It became a residence for nuns, and the French Institute of Near Eastern Archaeology, founded in 1947, was housed there. When the Lebanese Civil War ended in 1990, France sold the property to Solidere. A university and then the British Cultural Centre were asked to have it as headquarters. L’Orient-Le Jour reported in an article on July 15, 1999, that the palace was a cultural and literary meeting place for local and visiting foreign intellectuals.  In 1999, Franco-Lebanese Anthony Tannouri became the long-term tenant of the palace. After investing $5 million in its renovation, he exhibited his art collections there. After Tannouri died in 2014, the palace remained vacant.  In August 2020, the palace was devastated by the port explosion. Set on a 1,534 m² plot of land, the palace has a two-story built area of around 1,600 m² and a 700 m² garden. The interior requires major renovation. According to Ramco Real Estate, the deal was done for around $18.5 million. “The seller got a very good offer exceeding the estimates,” said a witness to the deal who declined to be named.  Property experts are unanimous. The value of the Abdel Kader Palace can neither be calculated mathematically nor compared with that of a luxury flat on Omar Daouk Street, where the starting price of a square meter is currently at $5,000. “Some palaces have a 10-meter height ceiling. It’s impossible to compare its value with that of a standard flat. This volume comes at a price,” said Geammal. “In the end, buying a heritage house is like buying a painting. There are no pre-established references. So, if the buyer likes the property, he’ll put the price he finds acceptable,” added the consultant.  “It is wrong to calculate the value of an exceptional property by square meter or by the number of bedrooms. The buyer is acquiring a piece of Lebanese history through this type of property. Its value also takes into account the figures who have lived there and its architecture, etc. Ultimately, it’s an emotional purchase,” said Ghossein.  Ultimately, acquiring a palace remains a privilege that only the wealthiest Lebanese or foreigners can afford. The value of this unique property must take into account several criteria, such as its location, surface area, construction date, architectural features, history, state of conservation, renovation work required, maintenance costs, etc. “Location is everything. A palace loses value if it’s not well located,” said Geammal.  The sale of the Abdel Kader Palace, which was finalized in early 2024, follows that of the Linda Sursock Palace on Sursock Street in 2023. Built between 1865 and 1870 by Ibrahim Dimitri Sursock, the Linda Sursock Palace is one of the most beautiful in Beirut, with an undeniable architectural richness. The sale was reportedly done for around $15.5 million.    (ICE BEIRUT)

Fonte notizia: L'Orient Today