The historic preservation programs in the intramural Old City of Damascus are mediated local responses to global exchanges that are creating new ways of imagining the city. Whereas in the past many Syrians called for the demolition of the Old City as backward and traditional, it is now emerging as the site for the consumption of local heritage and history. Based on an interdisciplinary approach that combines ethnography, history, and architecture I demonstrate how global capital, in the guise of investors, creates new forms of investment and patterns of consumption in the Old City. I will focus on how conversion of courtyard houses into restaurants and hotels, in the name of historic preservation, is increasing the value of ordinary houses thereby encouraging many owners to sell their homes. Moreover, the restaurants and hotels cater to a specific cliental that excludes many of the local inhabitants. As a result the demography of the Old City is changing. I will illustrate the dichotomy between consumers who tend to live outside the Old City and are perceived to be more modern and western than local inhabitants who are considered to be more traditional. As investors perceive houses as investments rather than residences, long-term residents of the Old City are further marginalized from investment and consumption opportunities in their neighborhoods. I conclude with how this new approach to historic preservation is leading to new ways of imaging the Old City by re-defining ownership and stewardship of heritage in the historic neighborhoods.