Syria allows foreigners to own real estate

December 15, 2010 14:32

DAMASCUS, Syria — Syria's state-run news agency says the government has endorsed a bill that allows foreigners to own real estate in the country.

The bill approved Tuesday is the latest in a series of laws aimed at liberalizing the economy from years of Soviet-style restrictions.It replaces a previous law in 2008 which said that if a foreigner dies, his real estate is sold to a Syrian national within a year or ownership reverts to the Syrian government.

Economist Nabil Sukkar said the new law will help remove a major hurdle facing foreign investments in Syria. Earlier this year, Syria said it was allowing foreign investors to own majority stakes in the country's banks.

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