Beirut pricing is still defined by the 2019 banking collapse, the 2020 port explosion, and the security overhang that returned with regional fighting in 2023 and 2024. Gemmayzeh sits close enough to the blast zone that rebuilt stock still carries visible scar tissue in how buyers underwrite older apartments, even though walkability and diaspora demand keep the neighborhood desirable. At roughly $295,000 versus an estimated $495,000 pre-crisis value, this is a credible cash-market recovery trade where an investor is buying below 2019 basis and underwriting an estimated 6.2% gross yield instead of betting only on appreciation.