Syria Encourages Real Estate Investment
Syria Media Report, 13-Dec-07
Syria Encourages Real Estate Investment
Syria Media Report, 13-Dec-07
The Syrian council of ministers approved a draft law to encourage real estate development and investment, Syria News, an economics-focused website in Damascus, reported on December 10.
Under the law, a new organisation will be set up to support real estate development and encourage private sector investment – particularly from foreign investors in Arab and other countries – in Syrian properties. The bill still requires the approval of parliament and the president.
Syria’s housing crisis began with the arrival of 1.5 million Iraqis following the invasion of Iraq in 2003. Property values have doubled since that time. Housing prices are expected to begin falling as many Iraqis, who were mostly renting cheaper flats, have begun leaving Syria. In addition, the Arab and other foreign tourists who rent flats in Syria during the warmer months have now left with the onset of winter.
Under the law, a new organisation will be set up to support real estate development and encourage private sector investment – particularly from foreign investors in Arab and other countries – in Syrian properties. The bill still requires the approval of parliament and the president.
Syria’s housing crisis began with the arrival of 1.5 million Iraqis following the invasion of Iraq in 2003. Property values have doubled since that time. Housing prices are expected to begin falling as many Iraqis, who were mostly renting cheaper flats, have begun leaving Syria. In addition, the Arab and other foreign tourists who rent flats in Syria during the warmer months have now left with the onset of winter.
