Real Estate & Construction
The rise in price of real estate in Syria, and in Damascus in particular, is expected to pause in the second half of the year, according to analysts in Damascus.
City planning came under the spotlight this month during a three-day conference in Damascus held between the Syrian Ministry of Local Administration and Environment, representatives from the Marseilles office of the World Bank and the United Cities and...
The Syrian Government has decided to pour in around SYP 45 billion (865 million) into the real estate market through a program that will provide around 50,000 new flats in the coming five years to the country's youth.
The construction works on the huge central-town commercial complex are set to start within weeks.
The fall in interest rates as well as new legislation has led to a sharp increase in housing prices since the beginning of the year.
Work has started on the UAE-based Majid Al Futtaim (MAF) Group's USD 300 million shopping mall and hotel project in the Syrian capital, Damascus following approval form the government, according to Saadallah Agha al-Qall'a, Syria's Minister of Tourism.
UAE’s Arabian Construction Company and Syria’s Lead contracting signed early August the USD 28 million contract to build the new complex of the Ministry of Foreign Affairs, reported MEED.
The Ministry of Construction announced that it had put forward a draft project to merge the six companies affiliated to it, into three new companies, and that the draft document had been accepted by the Government.
The Buildex Exhibition will open in Damascus on May 9.
Over 200,000 flats were for sale in Damascus in 2000, according to a study released by the Ministry of Housing. This is a fourfold increase from the 50,000 figure of 1989.
Damascus International Fairground
EDU 2011 Damascus