Poor Priced Out of Home Ownership
Syria Press Monitor, 22-Aug-08
Poor Priced Out of Home Ownership
Syria Press Monitor, 22-Aug-08
Low-income Syrians are unable to own homes because of rising real estate prices, reported the official newspaper Al-Thawra on August 14.
It would take someone on a low income 50 years to purchase a 100-square-metre home, according to the newspaper. Syrians must pay more than one-third of the loan value in interest on a 15-year loan, which less well off can’t afford, the title argued.
Al-Thawra noted that even though home sales have frozen in Syria, prices are still rising. The newspaper blamed this on a lack of legal controls to stop housing speculators, as well as a spike in the cost of building materials, such as concrete.
Some experts have said that the Syrian housing crisis is part of a global trend, while others blamed it on the government’s decision to adopt more free-market policies, according to Al-Thawra.
It would take someone on a low income 50 years to purchase a 100-square-metre home, according to the newspaper. Syrians must pay more than one-third of the loan value in interest on a 15-year loan, which less well off can’t afford, the title argued.
Al-Thawra noted that even though home sales have frozen in Syria, prices are still rising. The newspaper blamed this on a lack of legal controls to stop housing speculators, as well as a spike in the cost of building materials, such as concrete.
Some experts have said that the Syrian housing crisis is part of a global trend, while others blamed it on the government’s decision to adopt more free-market policies, according to Al-Thawra.
