of course you have an echo in your concrete basement - there is no where for the sound to go - to be absorbed - except the ceiling. It just bounces around until it peters out.
Your apt. room was probably pretty small, making the echos more of a reverb. And if it was made of sheetrock and wood frame there is some absorption going on, not to mention all the doors and windows for the sound to leak out of. In the basement, no such leaks.
Are you talking about reflection of sound or absorption? In such a basement, wood paneling probably won't cut down on echoes/reverb much. Your problem is reflection already - wood might change it, but not stop it. Bass traps in the corner and stuff to absorb and diffuse the sound rather than bouncing it back off giant slabs.
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