The pro-regime newspaper Al-Watan revealed that the monthly real estate rents for residential homes and shops in the central city of Homs doubled this year for the same properties by more than 100 percent compared to last year.
The newspaper indicated that the average rent for a house in popular and informal neighbourhoods such as Wadi al-Dahab, Karm al-Zaytoun, al-Wurud and al-Bayada neighbourhoods ranged between 150,000 and 250,000 SYP per month. In comparison, the average rent in the same neighbourhoods during the past year ranged between 50,000 and 100,000 SYP. The average rent for houses and shops in middle neighbourhoods such as Al-Nuzha, Old Ikrima, Al-Adawiya, Karm Al-Shami and Al-Khader ranges between 300,000 and 450,000 per month.
The average rent last year did not exceed 150,000 Syrian pounds. The rent prices in modern neighbourhoods or close to the city center and services such as Al-Hadara Street, Al-Dablan, Al-Ghouta, Al-Hamra, Al-Insha’at, and Al-Mahatta, currently ranges from 400,000 to more than one million Syrian pounds, depending on the condition of the property.
A number of tenants confirmed, according to the same newspaper, that the process of searching for real estate for rent in the city every six months or a year after the end of the lease contract hampers their lives and increases the pressure of demand for real estate, which leads to constantly rising house rents, and what increases the difficulty and pressure on tenants is the majority of residential property owners require rent payment in advance for a full year or six months.
Lessors blamed the rise in real estate rents on their high prices, noting that the price of the property in the Al-Nuzha neighbourhood, for example, was years ago no more than 30 million Syrian pounds, and its rent was about 20 to 25,000, and currently, its price exceeds 150 million Syrian pounds. Naturally, his rent becomes more than 300,000.
The head of the Homs City Council, which is affiliated with the regime, Abdullah Al-Bawab, said that the reasons for the rise in rent are due to price inflation in general and the high cost of living in particular.
Al-Bawab indicated that the issue is subject to supply and demand and how close the real estate is to the city, especially with the lack of fuel and means of transportation, which prompted many rural residents to go to the city and reside there, which increased the demand for rent.
The newspaper did not shed light on the loss of the Syrian pound to about half of its value from last year until today. This matter, according to commentators, is the main reason for the doubling of real estate rent, not only in Homs but in all Syrian regions, especially those under the control of the regime.
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.