AMMAN — According
to the
Department of Land and Survey’s monthly report figures, the volume of
trade in Jordan’s real estate market increased by 29 percent in the first
quarter of this year compared to the same period in 2021, reaching
approximately JD1,727 billion.
اضافة اعلان
Department
spokesman
Talal Al-Zaben told
Jordan News that the rise “is not the result of
the moment, but rather began with the start of the COVID-19 pandemic”, and that
despite the global economic crisis brought about by the consequences of the
pandemic, there has been an increase in the volume of trade in the real estate
sector.
According to Zaben,
“the sector did not experience any form of stagnation during that time”, he
said, adding that “Jordan has always been a safe haven for many people from
other countries, which has contributed to the sector’s increased support in the
recent short period”.
Several factors
contributed to the growth of Jordan’s
real estate sector, Zaben said. One was
the implementation of the Real Estate Ownership Law in 2019, “a modern and
comprehensive law that merged all the old real estate laws and fixed the
problems and challenges inherent in them for decades, making real estate
activity more accessible”.
The government
efforts, he said, also contributed to the growth, he said, giving the example
of the royal exemption, in the case of people with low incomes, from paying
some of the fees associated with purchasing a house, “which is still in effect
today”.
According to Zaben,
“this is a significant stimulus for the housing and real estate sectors, which
are directly and indirectly linked to more than 130 other sectors”.
He also mentioned
the electronic system on which the Department of Lands and Survey relies
heavily today, which provides eight services, six of which electronic, and
which “has contributed to encouraging citizens to conduct their transactions in
the shortest amount of time and with the least amount of effort”.
Zaben emphasized
the
government’s ongoing openness and collaboration with the private sector,
which has facilitated real estate activity.
“The numbers issued
by the Department of Lands and Surveys cannot be seen on the ground,” real
estate consultant Nael Al Anani told
Jordan News, claiming that over the last
few months, real estate agents noticed a “significant weakening of trade”.
According to Anani,
“nothing is the same after the COVID-19 pandemic; real estate prices began to
fall significantly, negatively affecting apartment and land traders”.
Furthermore, “we did not see a real increase during the first quarter of the
year, and the stagnation in the real estate sector in April was unprecedented”.
The general reasons
for the sector’s weakness are the “global political issues that indirectly
affect Jordan, the global economic weakness, the fluctuation in the price of
the dinar and the dollar, and the consequences of the COVID-19 pandemic, which
has not ended to this day”, he said.
Mazen Dabbas, a
real estate consultant, told
Jordan News that the Department of Land and Survey
figures could be inaccurate, since “the end of the exemption for real estate
assignment fees occurred at the end of March, so a large number of old transactions
and sales occurred during this period, contributing to an inaccurate increase
in real estate trading volume”.
According to
Dabbas, real estate transactions are concentrated in specific areas, such as
east and north Amman, where citizens’ house purchasing power ranges between
JD60,000 and JD70,000.
Reading the Department of Land and Survey report figures, he
said, “real estate trading can be classified as acceptable, but on the ground,
it is less than that”.
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