Syrian economists assume that the Syrian Central Bank is causing stagnation in the real estate market in Syria as it limits liquidity in the market and imposes many fees and taxes, which cause the Syrians to refrain from buying and selling real estate.
In an interview with the pro-regime “Melody” FM radio last week, Analyst Ammar Youssef said that stopping lending operations and unprecedented routine procedures in the lending process have also led to people’s reluctance to buy real estate.
He added: “Not to mention the foreign remittances and their complications for expats who want to send money to buy real estate.”
The expert explained that the only investment in Syria is real estate investment, and the credit objectives of the property exist. Still, Central’s procedures stopped the citizen from selling the property.
Youssef indicated that if one sold a property for 1 billion Syrian pounds and this amount was deposited in the bank, that amount would need three years to withdraw before the decision issued two days ago to raise the daily withdrawal ceiling.
The economy is based on pumping liquidity into the markets to revive the economy and move it again, pointing out that all the measures taken by the Central Bank aim to withdraw liquidity from the market, which has led to a weakening of the purchasing power of the Syrian pound, the expert said.
This article was 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.