The conflict in Syria has dealt serious repercussions to the Lebanese economy over the last two years. National instability and possibly politics has caused a drop in tourism, one of the country’s main sources of revenue. Yet while this sector of the economy has been hit, the past two years have seen property rental prices in Lebanon remain on a steadily increasing trajectory.

 

One reason might be that the number of Syrian refugees has passed the 1 million mark this week. Over 300,000 are registered in Lebanon, according to the United Nations High Commissioner for Refugees. Many refugees however haven’t registered for various reasons, meaning the figure is most likely much higher. With such large figures now residing on Lebanese territory, many landlords and property companies contacted by NOW said demand for apartment rentals and monthly rent has been on the rise.

 

“Rent is increasing exponentially,” said Jimmy Saad, owner of multiple properties he rents on the outskirts of Beirut. “Syrians are taking all the rentals. There is a high demand and a low supply.”

 

In nearly all the interviews conducted by NOW, landlords from around Lebanon indicated that interest is much higher for renting property than for buying. [Link]