Real estate prices have jumped unprecedentedly, as they have not survived market slumps in conjunction with the Ukraine crisis which, in one way or another, has impacted market prices.
In Damascus, housing prices have reached astronomical figures, bringing the price of an 80 square meter house in central Damascus to nearly one billion Syrian pounds. In areas far from Damascus and considered rural—the price of a house in the suburb of Qudsaya, for example, in youth housing—ranged from 65 to 95 million Syrian pounds.
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Of course, the rise in real estate prices has negatively affected rents, which have also doubled. It requires 300,000 Syrian pounds per month to rent the cheapest house on the city’s outskirts, while the rent price of a house in Muhajereen area reached about 1 million Syrian pounds per month, on a “luxury” avenue. Let’s not forget that renewing a house lease is accompanied by an increase in the rent.
To illustrate the reality of the high prices, economist Dr. Ammar Youssef told Athr Press that a real estate crisis has been reached due to the actions of the Syrian government, which has imposed taxes and fees on payment through banks. This has caused the problem, he said.
On the unrealistic prices of real estate, Youssef stressed that they vary according to supply and demand and based on vacant housing. He explained that citizens are now moving towards areas of violations (slums) to evade tax payments and fees and because they are cheaper than other areas.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.