Real Estate Investment Opportunities in Syria

An Exclusive Interview with Dr. Mohammad Ayman Hamouya, Director of the Syrian Investment Authority

In the heart of our country, which pulses with the determination to rise again, Syria emerges as a land of promising opportunities and a bright future. Despite the many challenges the country has faced, real estate investment remains a gateway for reconstruction and building a brighter future. In this context, and to foster a sense of belonging and national responsibility, we conducted an exclusive interview with Dr. Mohammad Ayman Hamouya, Director of the Syrian Investment Authority, to explore the real estate investment horizons that align the ambitions of investors with the efforts being made to create a sustainable developmental environment.

This interview is not merely about seeking investment opportunities but also serves as a message of hope for those who see in Syria not just a homeland but an opportunity to contribute to shaping its present and future.

Legal Frameworks and Anticipated Reforms

Dr. Ayman clarified that the current laws in force are still applicable, but amendments to the real estate investment law are expected to be announced within the next month or two.

He also explained that investments will follow a free-market model, allowing both local and international companies to invest, provided they submit comprehensive project studies for the targeted projects.

Regarding incentives, he confirmed that a package of facilities is under study to enhance the attractiveness of the Syrian market.

It was also mentioned that Syria’s exemption from the list of sanctions related to financing, alongside efforts by teams working abroad to lift sanctions on Syria, will open the door more widely for launching investment projects and boosting economic growth opportunities.

Real Estate Exhibitions and Conferences

A question was raised about the possibility of inviting regional and international real estate companies to participate in investment conferences. Dr. Ayman indicated that organizing such events is coordinated with the Exhibition and Conference Authority, but it requires a clear vision before moving forward.

Simplifying Pathways for Foreign Investors

The discussion touched upon the requirement for a local partner in financing companies, which Dr. Ayman confirmed is under review to facilitate the entry of foreign investors.

Regarding the automation of investment procedures through integrated electronic services, including registration, tenders, and monitoring, Dr. Ayman mentioned that automation is currently being carried out via the "one-stop shop," which is a step toward improving and simplifying procedures. While paperwork was part of the previous system, phasing it out is considered the right step, but it will take time to fully implement. He emphasized the importance of this process being handled only by state institutions to ensure data protection and prevent any breaches or manipulation, stressing that this is a sovereign matter requiring precise implementation.

There was also a discussion of several points related to the ownership of property by foreigners and Arabs in Syria, including the requirement for the property to be no less than 140 square meters, with the approval of the Minister of Interior, which previously allowed some non-transparent practices. Changes are expected in the future to improve procedures and enhance transparency.

Targeted Areas for Reconstruction

Dr. Ayman pointed out that the General Housing Corporation is evaluating the areas targeted for reconstruction, which will be presented in an upcoming investment guide. He also mentioned that some countries have expressed willingness to finance reconstruction projects and grant privileges to developers, while priority will be given to enhancing the role of local labor, with at least 70% of the workforce being local.

Large-Scale Investments and Residential Projects

A question was raised regarding the possibility of allocating large areas (such as one million square meters) for foreign investments. Dr. Ayman noted that the relevant ministries are working on creating a database of investment areas, and investors will be directed based on detailed studies.

Regarding international agreements guaranteeing investor rights, Dr. Ayman confirmed that memorandums of understanding were signed in the previous period, and these are currently under re-evaluation. He pointed out that this issue will receive the necessary attention and will be executed quickly, with an emphasis on the principle of reciprocity in all procedures.

As for the entry of financing companies, local companies are encouraged to start investing, while foreign companies are advised to prepare and wait for the new laws that will clearly outline the frameworks and facilities available.

Based on the discussion, it is clear that Syria is entering a new phase of economic openness, with a marked focus on attracting foreign investments within a transparent and well-planned framework. However, investors need to follow up on legal and regulatory developments in the coming months to ensure they can benefit from the available opportunities.

At our real estate company, we will continue to provide regular updates on laws and investment opportunities and welcome private sector investors to contact us to explore the possibilities available in the Syrian market.

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