Jordanians purchase property worth JD4.77 billion in first eight months of 2014

AMMAN – Jordanians purchased property worth JD4.77 billion during the first eight months of this year, representing nearly 92 per cent of the overall trading value in the real estate market, according to official data.

According to report released by the Department of Land and Survey (DLS) on Tuesday, Jordanians spent around JD733 million on land and residential properties in August alone. 

The DLS figures indicated that trading in the Kingdom's real estate (by Jordanians and non-Jordanian buyers) reached JD5.09 billion between January and August this year, up by 22 per cent compared with JD4.1 billion in the same period in 2013. Non-Jordanians’ share was only JD318 million. 

In August, overall trading amounted to JD762 million, 50 per cent higher than the JD509 million registered in August last year. Purchases by non-Jordanians stood at JD29 million, according to the figures.    

The official report revealed that 23,509 residential apartments were sold in the January-August period, with Jordanians representing 90 per cent of the buyers, purchasing 21,238 housing units worth around JD1.8 billion. 

Non-Jordanians bought 2,271 apartments valued at JD200 million during the first eight months of the year, according to the DLS. 

In August, Jordanians bought 3,481 out of the 3,758 residential apartments sold during the month, which is considered as one of the peak periods for sales by housing investors. 

The value of the units is estimated at JD310 million.  

Commenting on the DLS figures, Jordan Housing Developers Association President Kamal Awamleh said Jordanian expatriates play an important role in the positive performance of the property market. 

The summer season, when expatriates in the Gulf return to Jordan for holidays, is always the best season for residential property sales, Awamleh told The Jordan Times over the phone Wednesday.

"This August was one of the best months for sales, not only for this year but also for the past few years," he said, noting that the uptrend in demand for housing units is expected to continue in September. 

"Our forecast for trading this year was JD7 billion, but now we expect it to easily exceed JD7.5 billion," Awamleh noted. 

He attributed the increasing demand for residential properties to population growth and the desire of the majority of Jordanians to purchase homes rather than pay rent. 

Rent prices in Jordan have jumped sharply in the past three years because of the hundreds of thousands of Syrians who fled violence in their country, according to Awamleh, who explained that Jordanians have started to believe their monthly rent can be a mortgage instalment.   

"Owning a home is very important for Jordanians now," he added.