Real estate trading declines

AMMAN — Real estate trading during 2015 declined by 2 per cent, to JD7.6 billion compared to JD7.76 billion recorded during 2014.

The reduction caused an 11 per cent drop in 2015 revenues which fell to JD377 million compared to JD426 million in 2014, according to a report issued by the Department of Lands and Survey (DLS) on Monday. 

In July 2015, the government announced a package of incentives to stimulate the real estate sector. Under these measures, the first 150 square metres (sq.m.) of apartments sized 180 sq.m. or less were exempted from registration fees. 

The value of apartment exemptions in 2015 increased by 47 per cent to JD120 million, according to the statement. 

Sales to non-Jordanians in 2015 declined by 14 per cent to JD423.2 million. Iraqis topped the list with  2,076 properties, followed by Saudi with a total of 918 properties.

Kuwaitis ranked third with a total of 377 properties and Syrians followed with 223. 

In terms of value, Iraqis topped the list with JD215.1 million investment, estimated at 51 per cent of the total amount. 

Saudis came in second place with a value of JD66.4 million followed by Kuwaitis who invested JD22.9 million.

Syrians ranked fourth with a value of JD17.5 million and the Yemenis invested JD17.3 million.