Let me ask you this: Why would I pay around 10,000,000 Syrian Pounds (Around $200,000) for a flat in this mess, when I can get something like that house in the other picture for less than that?
Yes, I know it's because of the geographic location. That mess is at home, while the beautiful house is thousands of miles away on another continent. But I also live on that far away continent and only come home for a visit. I'm not saying this will never change. My dream was always to make it back home. I also have my parents house where the only resident living there now is my mom.
On the other hand, real estate purchase in Syria is one of the best investments one can make. When I visited home in 2001 everyone begged me to buy a house. After my last visit this year, I realized this wasn't a bad idea after all. My family house is worth around 6 times more than it did in 2001. Read this report and you'll realize the effect of the Syrian real estate market on the economy. The report states that the real estate and construction sectors employed together a total of 735,931 people in 2007 out of a total active population of 4,945,977, or 15% of the Syrian workforce. In other words, the size of the workforce in real estate is around three times the size of the sector’s share of Syria’s GDP (4.27%). Beyond economics, the importance of the real estate industry derives from the strong impact it has on the social and border development spheres.
Well, as they say back home كلمة يا ريت عمرا ما كانت بتعمر بيت