The International Forum for Real Estate Development in Syria (IREX) has kicked off, addressing themes related to the real estate sector in Syria after the war and examining reconstruction steps from all related angles. The event is organized by the Technical Network for Business and Events, in cooperation with the Ministry of Public Works and Housing.
The conference, which began on Tuesday, 11 November, and runs for two days, focuses on the current state of the real estate sector, including the attractiveness of the Syrian real estate market, the particularities of the Syrian context, legal, financial, and insurance frameworks, the challenges facing real estate development companies, and the use of technology and real estate marketing.
Attractiveness of the real estate market
Speakers in the session on the “Attractiveness of the Syrian real estate market” said that the requirements of investors seeking to enter the Syrian market today differ from those of the past, especially in light of the economic changes and conditions Syria is going through. They stressed the need to find new mechanisms that can overcome obstacles to real estate and industrial investment and open the door to real opportunities, particularly at the local level.
Deputy Minister of Public Works and Housing, Maher Khallouf, explained that the ministry is working to develop laws and regulations to provide a stable and attractive investment environment, similar to those in neighboring countries but tailored to the specific realities of Syria.
He considered that these steps aim to achieve legal sustainability and ensure the confidence of investors coming from abroad.
For his part, Nazo Yacoubian, General Manager of the Puzant Yacoubian Group, pointed to the importance of benefiting from Syrian competencies abroad, whether businesspeople or technical and engineering experts who helped build other countries over the past years. He said, “These people represent an important human and economic asset that can contribute to Syria’s reconstruction and transfer knowledge and expertise back into the country.”
He proposed establishing specialized training centers in cooperation with Syrian communities abroad to train local labor and keep pace with rapid technological developments in construction and industry.
Mohammad Daaboul, CEO of Madar Industrial Aluminum Group, stressed that the Syrian industry involved in reconstruction must be protected and that duties should be imposed on foreign products to shield their local counterparts.
He clarified that government support does not mean closing the door to imports, but rather finding a balance between protecting domestic industry and providing materials at reasonable prices to consumers. Even in major countries such as the United States, he noted, customs duties are imposed to protect local producers when cheaper goods flow in from abroad. This model, he said, can serve as a reference for correcting economic policies in Syria.
Majd Sharabji, head of Glory International Group, said Syrian investors today are hindered by problems related to property ownership and the associated bureaucracy, and that key logistical challenges include electricity and water.
Speakers also noted that a core challenge for reconstruction lies in resettling residents in destroyed areas and organizing informal settlements. Many families cannot leave their devastated neighborhoods and do not have alternative housing, which means that compensation and urban reorganization require considerable time and effort from the state to ensure fairness in restoring rights, whether through shares, cash compensation, or alternative housing.
They added that modern construction technologies have become highly advanced, as seen in the United Arab Emirates, Egypt, and Lebanon. It is therefore necessary to bring these technologies to Syria and update the engineering systems and standards in use. While the current “Syrian norms” (approved technical and engineering standards and specifications) are considered good and are based on international benchmarks, they need ongoing updates to keep pace with global technological advances, according to the speakers.
They also complained about the gap in energy costs between Syria and neighboring countries, noting that the price of electricity and industrial gas in Syria is multiples of that in countries such as Egypt. This makes local production more expensive and weakens its competitiveness against imported goods, which is why customs duties need to be restructured to encourage and protect the national industry from unfair competition.
The role of the state
The session on the “Particularities of the Syrian context” featured Khamis al-Mazrouei, head of the UAE office in the Arab Union for Investment, Khalid Hamed al-Mahrooqi, CEO of Oman-based Marasi Holding, and regional expert in investment and real estate marketing, Zaid Sheikh Najib.
The speakers summarized several points the government must address to deal effectively with the real estate crisis as a national issue of shared interest among investors, developers, and buyers. These include:
Reviewing certain real estate and economic laws that directly affect the market. Intervening when necessary through regulatory or financial measures to limit losses. Maintaining a steady level of real estate activity until general economic conditions improve.They argued that the absence of balance in this sector can lead to a loss of confidence in the investment environment and negatively impact all economic actors connected to it.
The speakers also discussed international experiences, such as those of the UAE and Oman in managing real estate crises, and mapped out how these approaches could be applied to the Syrian market, which can benefit from Arab and international lessons. This would require:
A government emergency plan to regulate the real estate market during crises. Establishing specialized real estate courts to resolve disputes quickly. Developing real estate laws to ensure transparency and protect investors. Introducing digital technologies to document ownership and facilitate transactions. Providing financing facilities through local banks under well-studied regulations. Monitoring major projects to ensure their sustainability and alignment with national plans.What about the legal pillar?
The session on the legal pillar addressed legal aspects related to the real estate sector in Syria, particularly reconstruction. Participants included Abdul Karim Idris, Director General of the General Directorate of Real Estate Interests at the Ministry of Local Administration and Environment, Mohamad Ourfali, head of the Investment and Real Estate Development Committee at the Damascus Chamber of Commerce, lawyer Firas Mamoun Sannoufi, Chairman of the Board of the Damascus Regional Center for International Arbitration, and Kamal Malas, head of the Legal Committee in the Arab Union for Investment and Real Estate Development.
Speakers agreed that the current phase in Syria, especially after the end of the war and the start of reconstruction, requires fundamental legislative reforms covering investment laws, property rights, and real estate development.
They stressed that legislative stability is essential for attracting Arab and foreign investors and that current laws need updating to incorporate flexibility and swift implementation while preserving legal justice and protecting contracting parties.
They highlighted the importance of:
Creating national real estate arbitration centers in Syria, run by specialized experts. Adopting standard contracts that contain clear and explicit arbitration clauses. Training Syrian staff in international arbitration and construction contracts.They agreed that investors, whether local or foreign, seek:
A safe investment environment. Clear laws governing relationships between parties. A fair judicial or arbitral body that rules quickly.It was also noted that around 50 percent of housing in Syria needs rehabilitation or legal regularization, which makes the need for modern real estate legislation more urgent than ever.
The session concluded with several key recommendations, notably:
Updating real estate laws to align with the requirements of modern investment. Working to issue a real estate arbitration law that keeps pace with international developments. Studying the possibility of applying standard Islamic contracts in Syrian real estate projects. Establishing national centers for real estate arbitration and conciliation, overseen by the state and the private sector. Strengthening cooperation with the Arab Union for Investment and Real Estate Development to transfer successful regional experiences to the Syrian market.The cost of rebuilding Syria
The World Bank has estimated the cost of rebuilding Syria at an average of around 216 billion US dollars, according to a report it issued on 21 October.
The report provided a nationwide assessment of physical damage and reconstruction needs for fixed assets, including infrastructure and buildings, covering the period from 2011 to 2024.
According to the report, the conflict has damaged nearly one-third of Syria’s total pre-war fixed capital. Direct physical damage to infrastructure, residential buildings, and non-residential buildings is estimated at about 108 billion dollars.
Infrastructure was among the most affected categories, accounting for 48 percent of total damage, some 52 billion dollars, followed by residential buildings at 33 billion dollars, then non-residential buildings at 23 billion dollars.
The governorates of Aleppo, Rural Damascus, and Homs are the most affected areas in terms of total damage.
The cost of reconstructing damaged physical assets is estimated at between 140 billion and 345 billion dollars, with a conservative estimate of 216 billion dollars.
Syria’s Reconstruction… A Deferred Dream
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