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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