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Travel Directory / Middle East / Syria / Real Estate & Property

Syria Real Estate

Syria, which lies in Southwest Asia, belongs to the Arabic region. Around the globe, it is known as the Syrian Arab Republic. In its western boundaries are Lebanon and the vast Mediterranean Sea. Around it are its fellow Arab countries such Jordan in its southern boundaries, Israel to the southwest and Turkey to the north. Being a country rich in historical underpinnings and independence struggles, the state of Syria is one of the most promising places where a rise in investment, both foreign and local, is expected.

As of the moment, Syria enjoys lots of real estate properties converted into residential areas. This is due to the fact that as the country enjoys a highly significant population of about twenty million. Aside from that however, the country seems to have a steadily increasing percentage of tourists. From a relatively low rate of eight percent in the nineties, its share of tourist in its population has increased doubly to almost seventeen percent now. Based on the tourism studies conducted by the Syrian Ministry of Tourism, the bulk of such tourists have been attracted to the area primarily because of the country's unique history and archeological features. Aside from those however, Syria also boasts of awe-aspiring sceneries, nature trips and theme areas. Apart from the must-see places, the country is also popular for having hospitable and friendly locals, along with safe and secure living conditions. As a result, recent tourist counts in the country have amounted to almost four million.

In line with the increasing number of tourists, there has also been an equally high demand for accommodations in the area. Thus, much of the foreign investment in the country has been centered in the transformation of barren lands into commercial real estate properties such hotels, tourist attractions, restaurants, and other accommodations. In 2005 alone, the Syrian Ministry of Tourism has estimated about three billion dollars of foreign investment spent for the construction of twenty six million furnished apartments all over the country.

Aside from investments focused on tourism, another popular business venture in the state of Syria concerns oil refinery. Akin to those that are established in its fellow Arab countries, much of the business in the area is focused on refining and exporting oil and natural gas reserves. In contrast to its importation of equipment for agriculture, the prime exports in the country are composed of crude oil, refined products, raw cotton, textile and apparel, fruits, and cereal grains. Despite the abundance of tourism businesses, the bulk of government income and source of foreign exchange remains to be the profits gained from oil and natural gas exports.

In terms of economic liberty however, Syria has a 48.2 percent freedom based on the Index of Economic Freedom. It scores well in fiscal freedom and ranks as the 142nd economically free country around the globe.

In terms of investment freedom, Syria enjoys an absence of expropriation and permit repatriation. Foreign investors can own the whole of their investment and they may also own territorial grounds. Aside from the sectors that provide main public needs such as power generation and distribution, water bottling, telephony, air and water transports, and oil and natural gas production and refining, foreigners can invest in any sector they may want to. Aside from that, starting a business in Syria just takes an investor about 43 days. Less than the world's business starting rate of 48 days, Syria allows you to start a business in no time. There are also some local government agencies that assist the investors in obtaining licenses, finding the perfect venue, and setting the actual business. Such move is done in line with the country's goals to maximize free enterprise and increase jobs.