Property Investments and Prestige Projects in Damascus: Urban and Town Planning Metamorphosis

Abstract

In 2005, in announcing the acceleration of the open-economy policy, Bachar al- Assad, President of the Syrian Arab Republic, responded positively to the growing interest from Gulf region investors in regionally specific investment. Several laws were initiated to accompany a rapid increase in number of investments in luxury property projects announced. This paper studies this process, the impacts on Damascus of the announcements and the (limited) realization of these prestige projects. It highlights the new dynamics produced to revitalize the city centre and to create new secondary urban centers. It also shows that this process induced the emergence of new urban planning practices, as well as the implementation of many other projects designed specifically for lower income categories. In 2005, the Syrian government adopted the 10th Plan (2006–2010), which introduced a new model of development: the social market economy. This is a step towards a liberalization of the economy – a process started 15 years ago. The plan seeks to create a favourable environment for private national and foreign investments, which are seen as major

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