Real Estate & Construction

Sale and rental prices across most of Damascus fell last year with the rental market, both for residential and office space, being the most affected, according to data gathered by The Syria Report.   Updated on January 12, 2011  
The Syrian Government has approved a draft law that will ease the access to real estate properties to foreigners.
Noor International Holding, a Lebanese real estate developer, has announced that it won a contract to develop a new mixed-use project in Homs.
Souria Holding has signed an agreement with Banque Bemo Saudi Fransi (BBSF) to lead a syndicated loan for the financing of its Abraj Souria development in central Damascus.
The residential section of the Industrial City of Hessia has been designated by the Syrian Prime Minister as the first real estate development area to be governed by Law 15/2008.
Emaar Syria will start issuing tenders for works on a shopping mall in its Eighth Gate development outside Damascus before the end of the year, Sarhad Haffar, the General Manager, has said.
Nine local and regional companies have been pre-qualified as main contractors for the first phase of the Cordoba Hills Development.
Bena Properties, the real estate investment arm of Cham Holding, will launch a 3 million sqm mixed-use residential development for sale in the first quarter of next year, according to Hawazen Esber, its CEO.
A recent Presidential decree is expected to help increase the supply of real estate properties in Syria’s main cities by forcing land owners to build.
Majid Al-Futtaim plans to tender USD 1 billion worth of investments by next February for its Khams Shamat project outside Damascus, the head of its property division said.
Bena Properties has announced that excavation works at Taj Halab had begun.
United Contracting & Engineering Company has issued a tender for the finishing works at the Garden City Resort, a mixed-use development the company is building outside Damascus.
Emaar-Syria has begun the sale of units in the Fashion House, an industry-dedicated building under construction in the Eighth Gate project in Yaafour, outside Damascus.
Aref Investment Group, a Kuwaiti holding, is planning to divest from Syria because of its financial difficulties, according to a local media.
The Ministry of Religious Endowments has issued a tender for the development of one of the largest pieces of real estate properties in Central Damascus.


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