The sale and purchase of agricultural land in the western countryside of Daraa, southern Syria, has come to a standstill, resulting in a decline in land prices compared to previous years. The decrease in demand for land has led to an increase in supply by landowners, who are motivated by factors such as the desire to emigrate and the need for funds to cover expenses. Additionally, drought conditions and the additional costs imposed on farmers for agriculture have also contributed to the stagnation of the market.
The motive for emigration has prompted many landowners to sell their properties. Zaher, a resident of Muzayrib, sold four dunums of land three years ago in order to gather enough funds for migration. Similarly, Mohammad sold his ten-dunum property in May with the intention of migrating. The decrease in land prices can also be attributed to the depreciation of the Syrian pound against foreign currencies, which has affected the selling price.
The market imbalance is evident in the high supply of agricultural land compared to the low demand. Most buyers are residents of the region who have emigrated to Europe in recent years. Additionally, the selling prices of agricultural lands are announced in Syrian pounds, which have significantly depreciated in value. This fluctuation in currency value affects the overall real property value.
Furthermore, the drought in the western countryside of Daraa has caused the drying up of springs and groundwater wells, resulting in a decrease in demand for land and a decline in prices. Buyers now prefer areas with access to groundwater, and the absence of water sources has contributed to the stagnation of real estate sales.
Property prices are also influenced by various factors such as proximity to the city center, presence of services like electricity, telephone, and sewage networks, and accessibility to main roads. The government’s lack of efforts to improve real estate specifications and provide necessary services has further hindered the market. Overall, the stagnation of agricultural land sales in Daraa, Syria has resulted in declining prices and a surplus of supply compared to demand.
Sources: Enab Baladi (no URLs provided)