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Real Estate Prices in Syria Fall Seven Percent

Market stagnation over the last six months has caused house prices in Damascus to fall and successive falls are expected in the future writes Damascus Now.
Real Estate Prices in Syria Fall Seven Percent

Real estate expert Dr. Ammar Youssef said that the real estate market has been witnessing a period of “stagnation” over the last six months, as a result of the stability of the price of the dollar. He said that real estate prices in Damascus have fallen between three and seven percent recently.

Youssef expects that there will be successive falls in prices if the situation continues as it has, especially if the dollar remains stable. He stressed the need for the government to intervene and provide a real estate product to contribute to the reduction of real estate prices, whether by way of readymade housing or new organizational plans.

With regards to the rental prices, the expert said that they were stable, and he expects them to see drops of up to 25 percent over the next six months, as a result of residents returning to their homes. He said that rent of 100,000 Syrian pounds would become 75,000 or 80,000 pounds.

Regarding reconstruction, he called for there to be more seriousness in this area and to speed up the pace of work. He said reconstruction was in an incomprehensible state, which was causing sluggishness and divisions.

Commenting on a statement by the UN, Youssef said: “If the reconstruction policy continues in this way we will need 100 years, not 50, to rebuild Syria.


This article was translated and edited by The Syrian Observer. Responsibility for the information and views set out in this article lies entirely with the author.

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