Real Estate & Construction
A law issued on the last day of 2011 has enabled Syrian landlords to recover their properties leased to state administrations although a last minute change to the text has postponed its application some 3 years.
The Syrian Government has approved the establishment of a new authority and fund to oversee the development and reorganization of random housing areas surrounding the country’s main cities.
Syria’s state-owned cement plants produced a total of 3.87 million tons in the first nine months of this year, according to the entity in charge of the sector.
The recent price increase in fuel oil is creating significant difficulties for the country’s state-owned cement plants for which the item represents a major cost component.
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.
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