The Syrian Investment Authority said Circular No. 36, issued on October 4 to regulate events, exhibitions, and marketing and promotional activities for real estate development and investment projects, was introduced in response to disorderly practices in the property market that required regulatory intervention.
In a statement received by Enab Baladi on Sunday, November 1, responding to a previous report on the circular, the authority said these practices included the promotion of properties and projects outside Syria to buyers inside the country without sufficient reliable information to verify the projects’ authenticity, the status of the entities marketing them, or the guarantees covering reservations, contracts, and refunds.
The authority warned that such practices could put citizens’ savings at risk by encouraging them to transfer money to entities abroad, making it difficult to seek legal recourse or recover their rights in cases of deception or failure to meet contractual obligations.
It also said it had observed irregularities in the marketing of some projects within Syria, including cases in which the same property unit was offered at widely varying prices by different marketers, with little clarity about their status or the limits of their authorization. The authority noted that such practices confuse buyers, harm developers and marketers who comply with regulations, and undermine market confidence.
Prior Approval Aims to Verify Information
The authority said the requirement for prior approval aims to verify basic project information, establish the status of the entities responsible for marketing, and determine the nature of the activity, including whether it involves reservations, contracts, or the collection of funds.
It added that requiring approval for a marketing event does not mean prohibiting the investment project itself or declaring it ineligible. Likewise, marketing approval does not constitute a government guarantee of returns or replace the need to verify contractual terms.
The authority described the required procedures and documents as simple and limited to what is necessary to verify information and protect rights. It stressed that simplifying these procedures and avoiding unjustified burdens are essential elements of the regulatory framework.
It also announced plans to launch a dedicated electronic platform in the coming days for submitting applications and obtaining approvals, making the service more accessible and its requirements clearer.
The authority clarified that the circular applies to marketing events held within Syrian territory, regardless of whether the properties being promoted are located inside or outside Syria.
Accordingly, the authority said that assessing the circular’s impact on the costs incurred by Syrian companies participating in exhibitions abroad requires distinguishing between the location of the marketing event and the location of the project being promoted.
Regarding questions about fees, approval processing times, and the clarity of requirements, the authority acknowledged that these were legitimate concerns. It said the regulations would be applied according to uniform standards within the circular’s scope, regardless of project size or investor identity.
The authority concluded its statement by saying, “Protecting citizens’ savings and strengthening investor confidence are complementary goals. Clear information and sound marketing practices help serious projects reach buyers and limit practices that harm the market.”
Expert: Goal Is to Turn Investments into Viable Projects
Economist Dr. Suleiman Shaaban previously told Enab Baladi that regulating real estate marketing is linked to protecting citizens’ savings and overseeing investment activity. However, he warned against allowing administrative procedures to become obstacles to competition or impose additional burdens on exhibition organizers and companies.
Shaaban said the circular’s success would not be measured by the number of events requiring approval, but by the extent to which it strengthens market confidence and helps turn announced investments into projects that can actually be implemented.
These requirements could provide a starting point for regulating information circulated about real estate projects. However, their impact will depend on how they are implemented and the clarity of the procedures and standards governing approvals.
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