The official Al-Baath newspaper reported that house rents in major cities under the control of the Syrian regime, especially the capital Damascus, rose “unprecedentedly” by up to 200%.
The newspaper quoted real estate sources on Monday that house rents rose at high rates, specifically in Damascus, as they increased by rates ranging from 100 to 200%, compared to what they were recent.
According to the newspaper, the rent of an apartment in an upscale neighbourhood of Damascus reached 2 million Syrian pounds per month, while it reached 500,000 in some other neighbourhoods.
In the areas of rural Damascus, the rent of a small apartment of 50 meters reached 200 thousand Syrian pounds, while the rent of an apartment of 80 meters reached 500 thousand, according to the newspaper, which quoted a real estate office in the suburb of Qudsaya in Damascus countryside.
The newspaper attributed the reason for this rise, which has increased over the past two years, to several reasons, most notably the increase in demand by some apartment owners and some offices that play the role of a broker.
In addition to “the lack of supply of ready-made apartments by some associations and government projects, and the cessation of some of them, and a slowdown in new construction. COVID-19 halted some construction projects, and some implementers stumbled in their projects.”
It pointed out that the inflation in the Syrian markets and the “crazy” price rise have affected the real estate market significantly, especially house rents.
It quoted a real estate office as saying: “Real estate prices are indescribable, as everything has doubled its price many times despite the stalemate and the decline in the movement of buying and selling due to the high prices and lack of liquidity.”
It added: “Any apartment today has a rent between 300,000 liras to at least half a million, so who can pay this except for well-to-do families or those who depend on remittances that come from their children from abroad and others.”
The areas controlled by the Syrian regime are witnessing a stalemate in the real estate market in terms of buying and selling, coinciding with the large supply and lack of demand.
The past months have also witnessed a tightening by the Syrian regime regarding the sale of real estate in the areas under its control, as it issued several decisions as part of its efforts to control the exchange rate of the Syrian pound and preserve the rest of its economy from collapsing.
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.