DAMASCUS, Syria - Car prices in Syria have dropped dramatically after the new authorities in Damascus allowed newer vehicles to be imported into the country.
The new policy permits the import of cars across all categories, as long as they are not older than 15 years.
This move has sparked mixed reactions among car dealers, as the value of their vehicles has significantly decreased in local markets.
"We are not rushing to buy, because we do not know if the government will officially register them or not. They said they would register them but we asked people and they said it has not been processed yet. That is the reason. For example, my car is from 2002, I bought it for 180 million [Syrian pounds] or more $13,000, now it is only worth 2,000," Jamil Hassan, a resident of Damascus, told Rudaw.
Prior to this decision, Syria had vehicles on the roads as old as 30 years.
The former Syrian regime stopped importing new cars in 2011 during the onset of crippling sanctions after a violent crackdown on protesters who demanded regime change.
Bahaa al-Din Sharm, Syrian Transport Minister, assured buyers that they will not face any issues.
"Every car owner who has their vehicle registered under their name will certainly have this registration documented. It will only cost them to get a new plate number and a new card to prove their ownership in the future," he told Rudaw.