Trade increase follows new government regulations

AMMAN  — The real estate market is seeing significant improvement, as trade in the sector increased by 11 per cent in September compared to the same period last year, Finance Minister Ezzeddine Kanakrieh said on Thursday.

Daily trade witnessed a growing increase recently in light of a government decision to reduce the price of building foundations by 20 per cent and to exempt exit and moving fees, the minister said, according to a statement carried by the Jordan News Agency, Petra. 

Trade increase in the real estate sector is expected to continue in light of the implementation of the 2019 Real Estate Ownership Law, which facilitates certain measures that will be tangible for citizens, and resolves problems of multi-owned estates and neighbour disputes regarding estate boundaries, among many others.

Prime Minister Omar Razzaz in July described the law, which went into effect on September 16, as a piece of "exemplary and modern" legislation that tackles many of the challenges facing the sector.

The new legislation builds on global examples and follows up on the real estate sector's developments, making it a “unique” law with a “different” formulation methodology, the prime minister said at the time, Petra stated.