On how real estate is fostering Syria’s economic recovery
How would you characterise the current state of the real estate sector in post-conflict reconstruction?
MOAFAQ AHMAD AL GADDAH: Syria’s real estate sector is entering a phase shaped by the structural consequences of prolonged conflict, including widespread physical destruction, shifts in income distribution and institutional constraints. Demand for housing is substantial and multifaceted, reflecting the needs of displaced people, returning expatriates and existing urban residents. However, this demand is segmented, with the largest share concentrated in lower-income groups requiring access to affordable housing. A key structural challenge lies in the absence of a fully developed mortgage financing ecosystem. The ability of banks to provide long-term, accessible financing remains limited, which restricts demand to buyers with sufficient liquidity. In this context, the role of public institutions is central. The provision of land, the establishment of regulatory clarity and the development of financing frameworks are all critical to enabling private sector participation at scale. A key lever for success in this environment is the alignment of development strategies with real demand conditions, avoiding speculative supply that does not correspond to post-conflict income realities.
What is the role of public sector planning and infrastructure provision in enabling large-scale urban development in the country?
AL GADDAH: The sequencing of responsibilities between the public and private sectors is fundamental in post-conflict environments. The government must take the lead in establishing the foundational elements of urban development, including infrastructure provision, land allocation frameworks and long-term master planning. This typically involves defining land use, zoning regulations and the geographic distribution of urban expansion. In Syria’s case, comprehensive planning of 15-20 years will be necessary to guide reconstruction efforts and ensure coherence in urban growth. This includes not only rebuilding damaged areas but also developing new urban zones that can accommodate population shifts and evolving economic activity. Private developers can then operate within these frameworks, contributing technical expertise, capital and execution capacity. In particular, large-scale developments often require access to significant land plots, which are typically controlled by the government. Structured allocation mechanisms – whether through partnerships, concessions, or direct development mandates – can facilitate this process. The development of integrated urban environments – including residential, commercial and service components – depends on this alignment.
To what extent can real estate development act as a driver of broader economic recovery in Syria and what are the key linkages with other sectors?
AL GADDAH: Real estate development plays a pivotal role in post-conflict economic recovery due to its strong multiplier effects across multiple sectors. The construction and development process generates direct employment in areas such as engineering, contracting and project management. This then stimulates demand in related industries, including building materials, logistics and infrastructure services. Beyond these immediate effects, the sector contributes to the reactivation of urban economies. The development of residential and commercial spaces supports the return of businesses, the expansion of services and the re-establishment of economic activity in previously affected areas. This creates a broader ecosystem in which employment, consumption and investment can gradually recover. However, the scale of this impact depends on enabling conditions. Access to financing, regulatory clarity and investor confidence are all critical factors. In particular, the development of financial instruments – such as mortgage systems – can significantly expand the pool of beneficiaries, allowing a larger share of the population to participate in the country’s housing market.
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