Property Market Risks Collapse

Syria’s real estate market has been deeply affected by the global financial crisis, and is now at risk of total collapse, the pro-government website Syria News reported on October 12.



The website compared the rise and fall of the property market to the situation internationally, noting that demand soared when immigrants and businessmen had money to invest and banks were willing to grant loans.



It warned that the housing market was now stagnant, and investors might be forced to sell at low prices.



Syria News said the assertion made by economic decision-makers that the market would be unaffected by the global crisis had weakened the country’s ability to respond.



It predicted that the crisis would not prove catastrophic, but said plans should nevertheless be put in place to deal with a worst-case-scenario.