Lebanese expatriates living abroad also often return to Beirut during the summer to visit family and friends. This further increases the demand for short-term accommodations.
The surge in visitors causes rental prices to skyrocket in popular tourist neighborhoods like Hamra, Mar Mikhael, and Downtown Beirut. landlords can charge over 50% more for summer rentals compared to regular monthly rates during other times of the year.
Luxury apartments on the seafront can fetch thousands of dollars per week from wealthy vacationers, especially those coming from Gulf Arab states. Villas with swimming pools are also in high demand for summer holiday rentals.
Landlords increasingly market their properties toward seasonal tourists rather than long-term residents. Many even evict tenants before summer in order to earn more from short-term vacation rentals.
Online rental platforms like Airbnb have made it easier for individual owners to capitalize on the seasonal boom in tourism. Entire apartments are rented out to tourists for a few weeks or months at a time.
The increased revenues during summer benefit landlords and real estate investors. But the summer price hikes also make housing less affordable for ordinary Beirut residents.
While rental prices fall again after summer ends, the seasonal tourism boom is causing longer-term increases in real estate demand and prices across Beirut.
As the city's popularity as a summer destination continues to grow, real estate in desirable and central neighborhoods will become increasingly oriented toward vacationers rather than long-term tenants.
