Real Estate & Construction

The Damascus Governorate has re-issued for the third time a tender for the design and regulatory study for the development of informal areas in and outside Damascus.
MAF properties has said that it has begun infrastructure and foundation works on its USD 1 billion real estate development in the area of Yaafour, west of Damascus.
Al-Badia Cement, one of two private sector manufacturers of cement in Syria, announced a capital reduction while works on a second production line have been postponed.
Emaar IGO issued a press release saying it had already delivered 315 office units in the first phase of its Eighth Gate compound outside Damascus and that it was continuing works on the project.
The Hassia Industrial City of tender has issued a tender for the conduct of the urban and infrastructure design of a residential compound that will host people working in it.
Sendos Investment and Development has begun works on the latest upscale residential project in West Yaafour, The Address.
The surge in demand for cement, reported by the state entity in charge of the sector, confirms the boom in illegal construction activity witnessed across Syria since the beginning of the unrest in mid-March.
The current unrest across Syria is benefiting one key sector of the economy, real estate, as the population is trying to capitalize on the Government’s reluctance to repress or ban construction works in illegal housing areas.
Akar Development has signed two deals with local banks for the supply of mortgage finance for future home owners in its Cordoba Hills development near Aleppo.
Syrian President Bashar Al-Assad has issued a new decree easing the process for foreigners to acquire real estate property.
The Syrian President issued on March 24 a decree easing the rules for acquiring lands and real estate properties in border areas, a major demand of protesters who have taken to the street in Daraa in the last 10 days.
Syria’s state-owned cement plants produced 5.65 million tons and generated SYP 4.1 billion in net profits last year, according to the Ministry of Industry.
A recent survey by the Central Bureau of Statistics shows that the vast majority of people leaving in illegal housing areas in Syria benefit from the same services as those living in regulated zones.
Arabian Cement and Building Materials Company, a state-owned cement manufacturer, is seeking an international consultancy to help improve the company’s operations.
The Syrian Government has designated a new Real Estate Development Area outside Damascus, one of several similar locations designated by the Government across the country in the last few months.


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