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Real Estate Expert Confirms Continued Stagnation of Real Estate in Syria

November 25, 2022
real estate

Demand in the real estate market is very low, according to Shaam Network.

Pro-regime media quoted statements by real estate expert Mohammed al-Jalali, in which he said that investing in real estate is not rewarding due to the absence of demand, as it is subject to loss, especially since the recession in real estate continues in the foreseeable future.

He stated that the real estate market continues to stagnate due to the absence of demand and low income, which has excluded many from investing in construction. He noted that this situation would continue in the foreseeable future and its improvement is linked to the change in the economic situation.

He stressed that investing in real estate is subject to loss, but less than the loss of the value of the local currency, so it may be more useful to save in gold. He expressed his rejection of the saying that real estate does not lose.

He added that the absence of a strong financial market or rewarding investments caused a lot of money to be transferred to freeze in real estate. He said that rents are considered high from the point of view of the tenant because the income is low, but from the point of view of the landlord, the rent has decreased compared to the value of the property and the high cost of living.

Real estate prices are witnessing successive rises following decisions issued by the Assad regime to raise the prices of cement, iron and energy carriers, as well as house rents, which jumped to high numbers, especially in Damascus.

A few days ago, several members of the Damascus Governorate Council criticized the existence of a great reluctance to trade construction and work in real estate development, even including the “Marota City” project, and the suspension of most engineering companies, due to the high construction costs set.

This comes despite allegations of a decision by the Assad regime to pay the building permit fee in installments for a period of 3 years. However, the large costs affected all segments, as the cost of the license exceeded two billion Syrian pounds, and the value of one meter cubed is estimated at one million Syrian pounds.