Furnished apartments see slight recovery

Apartments occupied by expatriates and Syrians; Beirut occupancy hits 70 percent

July 11, 2011- Head of the Syndicate of Furnished Apartments’ Owners Ziad Labban said the occupancy rates in the sector jumped to 70 percent in Beirut and 40 percent in other regions, exceeding its average rate.

Labban attributed the slowdown in occupancy levels this year, compared to those of 2010, to the political developments, in addition to the proximity of the month of Ramadan.

He said the demand for furnished apartments is mostly by Lebanese expatriates, followed by Syrians coming from Damascus, and a slight demand by residents of the Gulf region.

Labban said the local prices of furnished apartments match those in neighboring countries. According to Labban, the furnished apartments’ sector includes 100 licensed institutions, and comprises up to 3,600 beds.