Syria's Real Estate Finance Authority Prepares Legislative and Regulatory Overhaul

General Context

As the Syrian economy enters a phase requiring more sophisticated financing tools and greater investment attraction, real estate finance has emerged as a central pillar supporting the property market. Against this backdrop, the Director General of the Real Estate Finance Supervision Authority, Intissar Yassin, outlined a series of measures aimed at modernising the sector's legislative and regulatory framework.

Legislative Framework Revision

Yassin explained that the Authority continues to fulfil its mandate of regulating and supervising the real estate finance sector. Its responsibilities include licensing mortgage finance companies and refinancing firms, as well as organising the profession of real estate appraisal and issuing licences to qualified experts.

She noted that the Authority has conducted a comprehensive review of its governing legislation, particularly Law No. 15 on real estate finance, in coordination with relevant stakeholders. The Authority's real estate appraisal guidelines have also been revised to align with the requirements of the coming period.

First Licensing Application Under Review

Yassin confirmed that no mortgage finance company is currently licensed to operate in the local market, though the Authority has received multiple inquiries regarding the establishment of such firms. She stated that the first preliminary licensing application is currently under review in accordance with legal procedures, reflecting growing investor interest in entering this sector.

Appraisal and Oversight System

Yassin indicated that the number of licensed real estate appraisers registered with the Authority reached approximately 512 experts in 2026, distributed across various governorates and drawn from backgrounds in civil engineering, architecture, law, and economics.

She noted that an agreement signed with the Engineers Syndicate has streamlined procedures for appraisers, with the Syndicate and its provincial branches now accredited as training centres for appraisal courses organised by the Authority.

The Authority also exercises continuous oversight of appraisers' compliance with its decisions and approved reporting standards. Any confirmed violation results in referral to the disciplinary committee established under Article 32 of Law No. 8 of 2012.

Cooperation with the Banking Sector

Yassin clarified that cooperation with the banking sector remains ongoing, as banks rely on the Authority's licensed appraisers for all financing operations secured by real estate, and receive an updated list of certified experts on an annual basis.

She added that the Authority is working to complete a unified database of real estate finance extended by operating banks, through continuous coordination and the issuance of relevant circulars. Coordination with the Central Bank of Syria is also continuing to finalise a financing agreement and memorandum of understanding, with the aim of simplifying procedures and creating a more investment-friendly environment.