Housing sector sees drop in number of investors — JHDA

AMMAN — The number of investors in Jordan’s housing industry decreased, according to Jordan Housing Developers Association (JHDA) President Kamal Awamleh.

In an interview with The Jordan Times on Monday, Awamleh said that: “Currently, there are only 2,000 investors in the housing sector, of which 80 per cent are JHDA members”.

Ten years ago, the number of investors in Jordan’s housing market reached 3,700, of which 2,750 were JHDA members, Awamleh added. 

He noted that the sector significantly contributes to economic growth, and is one of the few industries that operates with a substantial number of factories, suppliers and labourers.

The JHDA, together with Talal Abu-Ghazaleh Organisation, are conducting a study aimed to “prove the magnitude of the burden of taxation on the Kingdom’s housing sector”, the JHDA president said.

Awamleh said that 25 years ago, the sector used to make a profit that would range between 15 and 20 per cent, but now the profit does not exceed 9 per cent.

He pointed out that “land prices have soared while citizens’ incomes are not changing”.

Many housing investors have shifted to other sectors, and have changed their investing decisions, Awamleh said.

The JHDA president renewed the association’s call for reviewing the recent increase in fees paid for the division of the apartments, which only included central and north Amman.