Property for sale in Syria

1/ Capital: Damascus

Is the capital and largest city of Syria. It is one of the oldest continuously inhabited cities in the world (see section: Ancient history), before Al Fayyum, and Gaziantep.

2/ Country: Syria

Is an Arab country in Southwest Asia, bordering Lebanon and the Mediterranean Sea to the west, Israel to the southwest, Jordan to the south, Iraq to the east, and Turkey to the north.

3/ Property for sale in Syria

Syria, being a net exporter of oil in 2007 have also benefited from the high oil prices. The introduction of all the investment-friendly regulations in the economy by the government served as an invitation of trust for Arab and International investors to park their money in the Syrian economy. Another important factor contributing to the real estate boom in Syria is the inflow of Iraqi nationals into Syria, consequently raising demand for property for sale in Syria and boosting its prices.

As per the latest census taken by the Syrian Central Bureau of Statistics, the licensed construction area, during 2004-2007 period increased from square meters (sqm)1.81mn in 2004 to sqm11.4mn sqm in 2007, a CAGR of a whopping 58.6%. The growth rate in the licensed construction area for the year 2007 was also a remarkable at 72.7%. Both the sub-sectors, residential as well as non-residential have contributed to the growth in the sector, however, the residential sector accounted for much of the activities.

The booming construction activity was backed by the rising rents in Syria. As price index of rent witnessed a sharp rise of 13% (CAGR) during 2003-2007, its index has gone up from 101 in 2003 to 162 in 2007. Rents in Syria have been on the rise as Iraqis seeking safety and conveniences of nearby Damascus and Amman away from their country. And with their influx to Syria, the high demand for housing has sent rents skyrocketing and caused a real estate boom. Apart from this, a rise in cost of building materials, especially cement, is also one of the reason for price escalation.

The construction activity in the country is booming as many projects are coming up in the sector.

Going forward, the country’s real estate sector is expected to attract foreign investments especially from the Arab countries. However, much depends on the country’s political stability and the government’s further policy initiatives.