Foreigners now able to own real estate in Syria
Posted on 16 December 2010 with 2 comments from readers
The quiet economic revolution taking place in the formerly communist bloc style Syrian economy has continued with news that foreigners are now able to own property. A stock market opened in March last year.
The Syria Arab News Agency reported: ‘During a weekly meeting chaired by Prime Minister Mohammad Naji Otri, the Cabinet passed on Tuesday a bill allowing non-Syrians to own real estate in the Syrian Arab Republic according to regulations and basis, terminating the execution of Law no. 11 for 2008.’
Great opportunity
Last month’s edition of the ArabianMoney newsletter highlighted Syria as a last great investment frontier in the Arab World and predicted an excellent upcoming opportunity for long-term investors (sign-up here and we will send you this issue). This new law is clearly a landmark development in property ownership rights.
The delapidated real estate of Old Damascus could certainly do with a bit of foreign investment, and this major historic site could be transformed over time. Eastern European cities like Prague have emerged from communist backwaters into major tourism centres over the past two decades thanks to foreign investment.
However, investors are likely to be cautious about what the new legislation means in practice for non-Syrian legal rights. That said there are many who wish that they had bought in Prague when the opportunity first opened up. Fellow Arabs will be the first to do more real estate business with the friendly and very honest Syrians.
2 Comments posted by readers:
This article betrays a complete lack of knowledge of syria. Among the most beurocratic and corrupt countries int he world , one should ask orascom about their investment experience before encouraging people to throw their hard earned money.
My father has land in Syria that he is trying to sell and real-estate. Those from the Gulf countries/states can buy real estate. Land to the best of my knowledge can only be owned by locals. I have heard that this is being revised to where Arabs from Gulf countries/states are able to purchase land but I would not trust Syrian laws too much. To say the least and censor my own tongue the lucrative stuff is all kept in the family for the rulers.