Real estate trading volume expected to rise to JD6 billion by end of 2022

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The head of the Jordanian Housing Investors Association, Kamal Al-Awamleh, has confirmed that the real estate sector has begun to recover from the effects of the COVID-19 pandemic and the ensuing recession, Hala News reported. اضافة اعلان

He said that in spite of the increase in inflation rates, real estate is attracting non-Jordanian investors, whose transactions reached nearly JD250 million by end of October.

He added that the volume of trading in the real estate market in the Kingdom has increased during the past 10 months by 23 percent over the same period last year, to reach JD4.875 billion, and is expected to reach JD6 billion by the end of the year.

Awamleh said that the total area of licensed buildings in the Kingdom increased from the beginning of this year until the end of August by 3.1 percent, reaching 5.627 million square meters.

He said that Royal directives provided a roadmap for economic recovery, with focus on the real estate sector, which affects 140 sectors directly and indirectly. He stressed the need to reduce interest rates in the case of investments involving the real estate sector.

Awamleh called for accelerating licensing procedures, which constitutes an additional cost to the sector, especially when the process of licensing a residential building is taking nearly a year.

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