Senate approves amendments to 2023 Real Estate Property Law

AMMAN — The Senate on Thursday approved a bill amending the 2023 Real Estate Property Law, as received from the Lower House.

During an Upper House session, chaired by President Faisal Fayez and attended by Cabinet members, a motion to return the proposed draft law to its relevant committee was rejected by senators, who objected specifically to Article 3 amending Article 11 of the original law, to end fears related to ownership transfer of state-owned lands to other parties.

The bill allowed the transfer of state-owned land to government investment funds or companies, and allowed some plots as in-kind shares in investment projects, the Jordan News Agency, Petra, reported.

Senators advised the government to consider the Upper House's deliberations on amending Article 11 as a reference to issue future regulations to implement the law's provisions, referring to measures to prohibit investors from running real estate as property.

Moreover, the Senate called on the government to consider foreign ownership forms, which lead to restoring land ownership to the state after a period of time, calling on the government to conduct studies and provide the Senate with information on similar projects in the Kingdom.