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July 4 2022 9:22 AM ˚
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Real estate volume of trade grew by 29% in Q1 of this year over 2021

An undated photo of Amman. (File photo: Ameer Khalifeh/Jordan News)
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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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