Damascus-SANA
Sources of funding for the housing sector in Syria is the title of the workshop held by the Ministry of Public Works and Housing in the Reda Saeed Conference Hall at the University of Damascus, in which the participants recommended reconsidering the value of the capital of real estate finance companies and the current controls for credit facilities in terms of raising the ceiling of real estate lending to meet the needs of customers and compatibility as possible with real estate prices.
In their recommendations, the participants called for reducing the gap between income and real estate prices by raising income levels, working to control real estate prices, and studying the possibility of obligating private banks to allocate part of the portfolio for housing loans.
The participants called for accelerating the contribution of public banks, including traditional banks, to the establishment of real estate financing companies and the creation of funds (real estate investment public shareholding) that grant real estate financing and provide financing to people with limited incomes and develop basic indicators that benefit the real estate financiers from inside and outside Syria with the participation of the Central Bureau of Statistics.
The participants suggested that the Syrian real estate market should move towards the feasible real estate financing policies adopted by most countries by encouraging the participation of public banks and some public authorities in licensing real estate finance companies, simplifying the procedures, and providing many benefits and exemptions that were properly studied.
The participants in the workshop discussed several axes related to the national housing strategy, its objectives and stages, possible financing formulas for the housing sector, the role of public and private banks, the laws regulating lending, its requirements, and the facilities that must be provided so that there is financing by those banks for the housing sector in Syria.
The Minister of Public Works and Housing, Eng. Suhail Abdul Latif, confirmed that the housing sector is one of the most comprehensive sectors in the housing product, and it is the result of the cooperation of many parties and the outcome of a series of successive and integrated works that cannot be achieved without a comprehensive strategy and integrated policies.
In turn, Minister of Finance, Dr. Kinan Yaghi, explained that the added value achieved by the Syrian economy is from the real estate sector, which is an active sector, so work must be done to organize it more to serve everyone, pointing to the importance of the real estate sales law, which sheds light on the money that goes towards this sector.
For his part, Chairman of the Planning and International Cooperation Authority, Dr. Fadi Khalil Al-Salti, indicated that there are a set of guiding policies to secure decent and comfortable housing for citizens, but they face many basic challenges, especially the issue of financing, indicating that with the presence of the Real Estate Finance Supervisory Authority, there will currently be a group of companies, which is The primary product being sought for housing finance.
Mada Alloush
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